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Low Mortgage Rates

Published: October 14, 2013 | 9:49 am
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What kind of mortgage interest rates are being offered by commercial banks, and has there been much demand from customers in this regard? The Bank of Georgia has recently announced interest rates on mortgages which it claims are the lowest in the country, starting at 7.9% with no additional charges. Bank of Georgia spokeswoman Sopo Balavadze has told TV3 that the downward trend in interest rates has been observed on the market for quite a while, while demand for mortgage loans has increased once again, similar to the previous years.
The fixed interest rate on mortgage at the Republic Bank is 11 percent. According to spokesman Zurab Kartsivadze, the bank’s new offer of cash-back payments on all t types of loans will automatically decrease the interest rates.
According to the banking expert Giorgi Abashishvili, interest rates on mortgages within the banking sector are currently lower than ever, and they are likely to lead both to an increase in demand, and to customers switching from one bank to another. Mr. Abashishvili has stated that the mortgage rates offered by the Bank of Georgia are subject to change, though in the light of the current trends on the market, they are unlikely to increase significantly.

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