A mortgage in Georgia is available to foreigners — the law does not prohibit it and the major banks work with non-residents. But the terms differ from what people are used to in Europe: a down payment from 30%, double-digit rates, and a loan term in dollars that is half the one in lari. Here is what banks actually offer and when a mortgage here makes sense at all.
- Down payment for a foreigner is 30–40%. With six months of documented income in Georgia some banks bring it down to 15%.
- Rates: roughly 7–12% a year depending on the currency, the bank and your profile.
- Term: up to 20 years in lari; in dollars and euros usually half that — up to 10 years.
- Currency risk matters more than the rate: a dollar loan against lari income is the most common mistake.
- A mortgage is an encumbrance in the registry and is visible in the property's extract.
Can a foreigner get one
Yes. Georgian law does not prohibit non-residents from taking loans from local banks. The largest players — Bank of Georgia, TBC, Liberty Bank, Credo, Halyk — either have dedicated products for expats or are willing to consider applications under standard programmes.
A refusal, when it happens, is usually not about citizenship but about the inability to document income: the bank needs to see what you will pay from. That is why a Georgian account with a history of inflows noticeably improves the terms — how to open one is covered in our article on bank accounts.
Terms: down payment, rate, duration
| Parameter | For a foreigner | Comment |
|---|---|---|
| Down payment | 30–40% | With documented income in Georgia over the last 6 months, some banks go down to 15% |
| Rate | roughly 7–12% a year | Depends on currency, amount, down payment and the valuation; TBC quoted around 10.7% on lari in early 2025 (about 11.5% including fees and insurance) |
| Term in lari | up to 20 years | The longest option available |
| Term in USD/EUR | usually up to 10 years | Banks lend in foreign currency for shorter periods |
| Amount | from 3,000 GEL | Upper limits differ by bank — you will see caps of $500,000 and of 600,000 GEL |
Banks change rates and limits often, and public reviews lag behind. The figures above are a planning benchmark, not an offer: check the actual terms with the specific bank for your profile.
Who lends
The market is concentrated: most of the volume sits with a few banks.
Bank of Georgia and TBC
The country's two largest banks, with the widest branch networks and English-language service. TBC's upper limit has been quoted at $500,000 or the equivalent. Most people start their comparison here.
Liberty Bank, Credo, Halyk, Basisbank
Liberty traditionally offers longer terms in lari (up to 240 months) and up to 120 months in foreign currency. Smaller banks are sometimes more flexible on non-standard cases but ask for more documentation.
Documents and the process
- Passport and a residence permit if you have one.
- Proof of income — an employer's letter, account statements, business documents. This is the decisive item: the clearer your income, the lower the down payment and the rate.
- Valuation by an appraiser accredited with the bank. The loan is calculated from the appraised value, not the contract price — if the seller has inflated the price, you cover the difference in cash.
- A registry extract for the property: the bank will check encumbrances at least as carefully as you would.
- Insurance of the property, and sometimes life insurance for the borrower — count it into the total cost.
Once approved, the mortgage is registered in the Public Registry as an encumbrance. From that point the apartment cannot be sold without the bank's consent — and any future buyer will see the same encumbrance in the extract (how to read one is in our article on the Public Registry).
Currency risk
This is the most important part, and it matters more than a percentage point or two on the rate.
If you earn in lari and repay in dollars, a weakening lari raises your payment even though the rate has not changed. The rule is simple: the currency of the loan should match the currency of your income. A lower rate on a foreign-currency loan is the price of shifting that risk onto you.
The reverse also happens: income in dollars and a loan in lari at a higher rate over a longer term. The risk there is smaller, but the overpayment across a long term is significant — count the total of all payments, not the rate.
When a mortgage is justified
With a 30% down payment and a double-digit rate, a mortgage in Georgia is not a way to "buy because you are short of money" but a capital-management tool. It makes sense when:
- the money you are not putting down earns you more than the loan rate;
- you are buying to rent out and the rent covers a substantial part of the payment — yields by district are on the district pages;
- you would rather not pull all your capital out of another jurisdiction.
If a mortgage is only there to bridge the gap to the asking price, it is more honest to look at cheaper options: the sale search and the district landing pages show where a similar apartment costs less without giving up the location.
What to check before signing
- The total cost of credit, not just the rate: fees, insurance, valuation.
- Early repayment terms — whether there is a fee and from what point.
- The currency of the loan against the currency of your income.
- Whether the rate is floating or fixed, and what it is pegged to.
- The valuation — whether it matches the seller's price.
And separately: a mortgage does not replace the buyer's usual checks. The full list is in how to buy safely, and taxes after the purchase are in property taxes.