The mortgage loan’s interest rate has dropped to the 10 years’ minimum, but this rate runs for USD-denominated mortgage loans.
As to GEL-denominated mortgage loan, this issue is under discussion – commercial banks gave such an official answer. This signifies the GEL-denominated loans are less affordable and have less attractive interest rates.
The leading commercial banks provide almost identical conditions. Basisbank is an exception that has recently announced OFFSET offers on mortgage loans. This offer implies fivefold contraction of the market rate when placing 80% on the account.
Nonstandard offer comprises nearly 9% rate, co-branded with only partner developers.
Commercial banks offer the cheapest resources on EUR-denominated loans and they offer this currency to consumers preferably. However, the ratio of EUR-denominated loans in total credit volume is unimportant.
At this stage, commercial banks mainly issue standard loans (in USD); affixed to LIBOR and the refinancing loans, with changeable rate.
Cartu Bank is an exception among top five commercial banks in terms of assets, which does not issue retail loans.