Updated:
- No ban on mortgages for non-residents found: TBC, Credo, Liberty and Terabank publish products for clients with income abroad, down payment from 20%. Refusals are usually not explained.
- The National Bank caps loan-to-value (90% lari, 70% foreign currency) and payment-to-income. Since 1 July 2026 loans up to GEL 1 million go out in lari, with exceptions. The 25% payment cap widens to incomes below GEL 2,000 (1 Feb 2027) and GEL 2,500 (1 Sep 2027).
- A developer instalment plan is not a mortgage: no bank limits or rate disclosure apply, and bank refinancing is not guaranteed.
Georgia mortgage for foreigners: can you get one, and what is the catch
Yes, Georgian banks lend to foreigners and non-residents. We found no ban based on citizenship. The catch: terms are stricter than for citizens, each bank decides for itself and rarely names a reason for refusal.
Third-party claims and individual readers’ cases are labelled as such.
How the Georgian mortgage market works in 2026
Nobody publishes the non-resident share of mortgages: the last row is about buyers’ citizenship, not mortgages.
| Indicator | Value | Source |
|---|---|---|
| New mortgages, January–August 2026 | almost 40,000 worth GEL 4.1 bn; number +22%, value +47% | SOVA, 8 Oct 2026 |
| Average new loan | from about GEL 86,000 to GEL 104,000 | SOVA, 8 Oct 2026 |
| Q1 2026; lari rate, March 2026 | 12,835 loans worth GEL 1.28 bn, average GEL 99,600; average rate 11.88% (1.45 pp lower year on year) | National Bank, via Georgia Today, 27 Apr 2026 |
| Tbilisi apartment buyers by citizenship, 2026 | Georgia ≈74%, Israel ≈11%, Russia 4%, others 11% | SOVA, 2026 |
National Bank rules: down payment, payment-to-income and the 2027 steps
LTV is the maximum loan as a share of the collateral’s market value. PTI is the maximum share of monthly net income (in lari or the foreign-currency equivalent) that may go to payments. The table below is the National Bank page “PTI and LTV Requirements” (October 2026).
For individuals with income from abroad, a National Bank decision of 26 February 2025 adds 10 percentage points to mortgage LTV, up to 80%. The page table does not show this: ask the bank. It matches the “from 20%” on TBC, Credo and Terabank pages.
2027 steps (announced 30 Sep 2026): the 25% limit stays, but its range widens to incomes below GEL 2,000 from 1 Feb 2027 and below GEL 2,500 from 1 Sep 2027 (now below GEL 1,500).
| Requirement | Loan in lari (or in the income currency) | Foreign-currency loan, income in another currency |
|---|---|---|
| PTI, net income below GEL 1,500 a month | 25% | 20% |
| PTI, net income GEL 1,500 or more | 50% | 30% |
| LTV (loan to collateral value) | 90% | 70% |
Loan currency: dollar, euro or lari
Under the National Bank’s de-dollarisation policy, since 1 July 2026 loans up to GEL 1,000,000 may be issued only in lari (order No. 131/04 of 15 June 2026); the threshold was GEL 750,000 before. A loan linked to a foreign currency does not count as a lari loan.
Exceptions (order No. 131/04, Art. 1(3); we read the text on matsne.gov.ge): the “lari only” rule does not apply if (a) after the loan the borrower’s total liabilities to the same lender exceed GEL 1,000,000 (liabilities secured by cash or by a guarantee are not counted); (b) the loan goes to a person without Georgian citizenship and/or a legal entity not registered in Georgia; (c) the loan is fully secured by cash in the same currency; (d) the borrower receives all the income needed to repay in the loan currency (a source insensitive to the exchange rate and tied to a country where that currency is national); (e) the loan is refinanced, materially modified or restructured in the same currency without increasing the borrower’s liabilities. The non-citizen exception is confirmed by the text of the order; the earlier order No. 176/04 was repealed by it (Art. 3). Whether a bank offers a foreign-currency loan to a non-resident is the bank’s decision: ask it for its terms.
Liberty says loans up to GEL 1,000,000 go out only in lari, yet publishes USD and EUR rates. Terabank: lari unless the income currency matches the loan currency; such foreign-currency loans run up to 10 years. A bank may be stricter than the regulator.
| Bank, product | Lari | Dollar | Euro |
|---|---|---|---|
| Credo: mortgage for expats | from 14.65% (eff. from 16.91%) | from 8.50% (eff. from 10.31%) | from 8.00% (eff. from 9.78%) |
| Liberty: mortgage for emigrants | from 11.8% (eff. from 12.7%) | from 8% (eff. from 9.1%) | from 7.5% (eff. from 8.52%) |
| Terabank: income abroad | from 14.95% (eff. from 17.70%) | from 10.35% (eff. from 12.50%) | from 9.75% (eff. from 11.90%) |
| TBC (third-party review, Q1 2025) | 10.7% (eff. 11.5%) | 7.5% (eff. 9.4%) | 6.4% (eff. 8.2%) |
Who lends to foreigners and on what terms
Non-residents most often approach TBC, Bank of Georgia, Liberty, Credo and Basisbank (pbservices, 15 Sep 2026). The banks themselves publish:
| Bank | Published | Missing |
|---|---|---|
| TBC | “Mortgage for expats”: simplified $3,000–300,000, down payment from 20%; “in consideration of lease” $3,000–500,000, from 0% | Rates, term |
| Credo | GEL 10,000–500,000, down payment from 20%; lari 7–180 months, USD and EUR 2–120; “no income verification required”. An account is needed first | Non-resident rules |
| Liberty | For emigrants: from any country, by power of attorney; income abroad counted; lari up to 240 months, foreign currency up to 120; down payment from 0% with extra property pledged | Documents |
| Terabank | For those earning abroad, foreign citizens included; down payment from 20%; term for non-citizens 6–72 months | Documents |
| Bank of Georgia | Blog 1 Mar 2024: lari, USD, EUR; new builds, resales, houses; the purchase is the collateral; down payment individual (example 30%); signing possible in the registry’s digital space | Rates and term |
Documents and proof of income from abroad
Extracts and agreements are in Georgian. We did not find whether income papers need an apostille and translation: ask the bank. A power of attorney does (see the remote-buying guide).
- Original passport and a phone number. A residence permit is not required but may help (pbservices).
- Income abroad (Bank of Georgia): regular remittances to Georgia, foreign bank statements with regular credits, pay slips, a tax return from the country of work.
- Source of the down payment: 6–12 months of statements, income certificates, papers on a sale, gift or inheritance (see the bank account guide).
- Sale agreement and registry extract: the bank checks the owner and encumbrances (see the verification guide).
The application step by step, and timing
- Set a budget and loan currency; check National Bank limits.
- Ask two or three banks for a written document list; open an account if required (Credo, TBC). Check the property in a fresh registry extract.
- Apply: the bank sends its appraiser (LTV is computed on market value, not contract price), then names the amount, payment and term (pbservices).
- Get the decision. Credo asked one reader to deposit the down payment before approval.
- Sign the sale and mortgage agreements: at the bank, by power of attorney or in the registry’s digital space (Bank of Georgia).
- Register the right and the pledge at NAPR. Fee for the right: GEL 150 (4 working days), GEL 270 (1 day), GEL 350 (same day).
| Source | Reports | Type |
|---|---|---|
| pbservices, 15 Sep 2026 | a decision takes from a few days to 2–3 weeks | review |
| Reader from Moscow, Tbilisi, 2023 | decision in 7–10 days, whole deal about 3 weeks | one case |
| Reader with a residence permit, Batumi, 2025 | appraisal 2 days after applying, signing over 3 hours, registration 4 working days later | one case |
- 1
Documents and currency
Passport, statements with regular credits, income certificates; currency by income
before applying - 2
Application and valuation
The bank sends an appraiser, then names the amount, payment and term
up to 2–3 weeks - 3
Bank decision
May ask for the down payment before approval; refusal reasons rarely given
bank decides - 4
Signing
Sale and mortgage agreements: at the bank, by power of attorney or digitally
- 5
NAPR registration
Right and pledge; fee for the right GEL 150, 270 or 350
GEL 150/270/350 - 6
Payments and repayment
Payment and insurance; early repayment fee up to 2% of the balance
up to 2%
Bank pages, National Bank, pbservices, NAPR, reader cases; October 2026
One reader (Credo, 2025): appraisal 2 days after applying, registration 4 more working days. A single case.
Valuation, insurance, fees and early repayment
A reader in Batumi (Credo, 2025) paid a $447 issuance fee on a $28,800 loan (about 1.6%), above the 0.4–0.5% on the Liberty and Terabank pages: fix your terms in writing.
Early repayment. Per the National Bank, the Civil Code caps the fee at 2% of the remaining principal; the real ceiling depends on the rate type and remaining term (25 months left: at most 1%). Refinancing a foreign-currency loan with a lari loan should carry no fee. Credo, Terabank and Liberty do not describe early repayment on their pages: check the contract.
| Item | Amount | Source |
|---|---|---|
| Issuance fee | Liberty 0.4% (minimum GEL 50); Terabank 0.50% (minimum 50 units) | bank pages |
| Pledge registration and release | from GEL 158 and from GEL 151 | Liberty |
| Insurance | life from 0.65%, property from 0.27% (Terabank); GEL 20 a month for one reader | Terabank; reader |
| Registration of the right | GEL 150 / 270 / 350 | NAPR |
Mortgage in Georgia for Russians, Israelis and EU citizens
What decides it is not citizenship itself but customer screening (KYC): source of income, tax residence, sanctions lists.
| Citizenship | Confirmed | Unclear |
|---|---|---|
| Russia | No ban; clients with a Russian passport are screened longer (our mortgage page). A reader from Moscow (bought January 2023): two banks refused, Credo approved a lari loan at 15.1% for 15 years. Transfers: see the bank account guide | No refusal statistics. Roubles are a third currency: lari more likely (our reading) |
| Israel | Israelis are about 11% of Tbilisi apartment buyers in 2026 (SOVA). Israel lifted currency limits on property purchases abroad in 1998 (account guide) | No Israeli-specific programme at Georgian banks found. An Israeli non-bank lender offered mortgages abroad up to 50% of price, for Greece and Cyprus only (Globes, 15 Jul 2025). Reporting threshold unconfirmed |
| EU | Credo and Liberty publish EUR rates (from 8.00% and 7.5%). Income in the loan currency counts if tied to a country where it is national | Outside the eurozone the income currency differs |
Mortgage on a new build and developer instalments
Confirmed: Bank of Georgia (1 Mar 2024) says a new apartment can be financed at partner and non-partner developers, the apartment being the collateral. How a bank pledges a flat not yet commissioned is unconfirmed (see the off-plan guide), as is whether it counts for residency.
A developer instalment plan is not a mortgage. Per SOVA, ex-deputy governor Otar Nadaraia calls it a quasi-mortgage: the buyer pays the developer for 2–3 years, then a bank usually refinances the rest. Payments are mostly in foreign currency, PTI limits do not apply, data may not reach the credit bureau, no effective rate must be disclosed. Some contracts allow exit for a penalty; down payments are sometimes 0%. He says there is no regulation.
| Parameter | Bank mortgage | Developer instalments |
|---|---|---|
| Screening and rate | KYC, PTI and LTV; effective rate disclosed | Set by the contract; no PTI, no rate disclosure |
| Ownership | Registered at purchase, pledge to the bank | Usually after commissioning and full payment |
| Main risk | Refusal, fees, exchange rate | Refinancing not guaranteed, construction delay |
Comparing financing routes
| Route | Down payment | Currency | What to watch |
|---|---|---|---|
| Own funds | 100% | per contract | Source of funds, transfer |
| Mortgage in lari | National Bank from 10%; banks from 20%; review 30–40% | lari | Rate from 11.8%; lari against your income |
| Mortgage in USD or EUR | from 20% with income abroad (LTV up to 80%), otherwise 30% and up | USD, EUR | Rates from 7.5%; income currency; term up to 10 years |
| Developer instalments | from 0%; no official data | mostly foreign currency | No effective rate or PTI; refinancing not guaranteed |
| Loan at home against your property | not covered in the sources | yours | Ask your bank and an adviser |
Mortgage in Georgia: calculator and worked examples in dollars
Illustrations, not offers. Annuity formula, as in our calculator (10% by default): M = P·r / (1 − (1 + r)^(−n)), where P is the loan, r the annual rate divided by 12, n the months. An $80,000 flat (as in the net-yield guide), n = 120 (maximum foreign-currency term). Exact maths, no fees or insurance. Rates 8% and 10.35% are “from” rates at Liberty and Terabank.
| Down payment | Loan P, $ | Annual rate | Monthly payment, $ | Interest paid, $ |
|---|---|---|---|---|
| 30% | 56,000 | 8% | 679.43 | 25,532 |
| 30% | 56,000 | 10% | 740.04 | 32,805 |
| 30% | 56,000 | 10.35% | 750.94 | 34,113 |
| 20% | 64,000 | 10% | 845.76 | 37,492 |
| 40% | 48,000 | 10% | 634.32 | 28,119 |
A lari example and the effect of the payment-to-income limit
A GEL 200,000 flat (the SOVA example price), n = 180, rates 11.88% (market average, March 2026) and 14.65% (Credo “from”). With a payment cap of 50% of income (income from GEL 1,500), income must be twice the payment. Other debts are not counted.
| Down payment | Loan P, GEL | Rate | Payment, GEL | Minimum income at 50%, GEL |
|---|---|---|---|---|
| 10% | 180,000 | 11.88% | 2,146.43 | 4,293 |
| 20% | 160,000 | 11.88% | 1,907.93 | 3,816 |
| 20% | 160,000 | 14.65% | 2,201.11 | 4,402 |
| 30% | 140,000 | 11.88% | 1,669.44 | 3,339 |
| 30% | 140,000 | 14.65% | 1,925.97 | 3,852 |
Mistakes to avoid, and a checklist
- Choosing the currency by rate, not income: a foreign-currency loan with income in another currency carries exchange-rate risk and stricter limits.
- Comparing nominal rates: ask for the effective rate and the fee in a written offer.
- Assuming a bank will refinance developer instalments without a contract clause.
- Ignoring the 2027 steps at an income around GEL 2,000–2,500; counting on rental income (only a separate TBC product takes it into account).
| Step | What to do | When |
|---|---|---|
| 1 | Match loan currency to income, check LTV and PTI | before choosing a bank |
| 2 | Gather 6–12 months of statements; ask banks for a document list and the effective rate | before applying |
| 3 | Check the property, apply, pass valuation, answer fast | before a deposit |
| 4 | Pay the down payment, sign, register right and pledge at NAPR | per the deal schedule |
| 5 | Check schedule, insurance and early repayment terms | first month |
Frequently Asked Questions
Do Georgian banks give mortgages to foreigners and non-residents?
Yes. TBC, Credo, Liberty and Terabank publish products for clients with income abroad. The bank decides and rarely explains a refusal.
What down payment does a foreigner need for a mortgage in Georgia?
From 20% on bank pages (Liberty from 0% with extra property pledged); pbservices says 30–40%. National Bank: LTV 90% in lari, 70% in foreign currency, up to 80% with income from abroad.
What is the mortgage rate in Georgia for non-residents?
“From” rates: dollars 8–10.35%, euro 7.5–9.75%, lari 11.8–14.95%, effective rates higher. Lari average, March 2026: 11.88%.
Can a Russian citizen get a mortgage in Georgia?
No ban found, but clients with a Russian passport are screened longer. A reader from Moscow in 2023 got two refusals and one Credo approval.
What is known about a Georgia mortgage for Israelis?
Israelis are about 11% of Tbilisi apartment buyers in 2026 (SOVA). We found no separate programme for them.
How do I calculate a mortgage in Georgia: is there a calculator?
Yes. Formula: M = P·r / (1 − (1 + r)^(−n)). For example, $56,000 over 120 months at 10% gives $740.04 a month, before fees.
What changes for Georgian mortgages in 2027?
The 25% payment cap will cover incomes below GEL 2,000 from 1 Feb 2027 and GEL 2,500 from 1 Sep 2027 (now GEL 1,500). Ask how it affects income from abroad.
Can I repay a Georgian mortgage early without a penalty?
Per the National Bank, at most 2% of the remaining principal, lower near the end of the term; none when a foreign-currency loan is refinanced into lari. Check your contract.
Sources: National Bank of Georgia: PTI and LTV requirements · National Bank of Georgia: Financial Stability Committee decision, 26 Feb 2025 · National Bank of Georgia: committee decisions, 27 Nov 2024 (foreign-currency limit GEL 500,000) · National Bank of Georgia: FAQ on early repayment · Matsne: National Bank order No. 131/04 of 15.06.2026 (loans up to GEL 1 million in lari only; exceptions in Art. 1(3); in force from 1.07.2026) · Matsne: National Bank order No. 176/04 on loans up to GEL 750,000 (repealed by order No. 131/04, Art. 3) · SOVA: who can afford real estate in Tbilisi (8 Oct 2026) · SOVA: National Bank tightens lending rules (30 Sep 2026) · Georgia Today: lending rules from February 2027 (30 Sep 2026) · Georgia Today: mortgage lending in Q1 2026 (27 Apr 2026) · Georgia Today: foreign-currency loan limit GEL 1 million (6 May 2026) · Georgia Today: limit extended to lending organisations (16 Jun 2026) · GBC: foreign-currency limit GEL 1 million from 1 July (page did not open; exceptions known from a search excerpt) · TBC Bank: mortgage for expats · TBC Bank: services for non-residents · Credo Bank: mortgage for expats · Liberty Bank: mortgage for emigrants · Terabank: mortgage for emigrants and those earning abroad · Bank of Georgia: mortgage for emigrants (1 Mar 2024) · pbservices: mortgage in Georgia, terms and documents (15 Sep 2026) · National Agency of Public Registry: registration fees · T-J: personal story, mortgage in Batumi (7 Mar 2025) · T-J: personal story, mortgage in Tbilisi (purchase in January 2023) · Globes: mortgages abroad for Israelis (15 Jul 2025)