Terabank is offering an unique product "Move To a New Apartment" for those who want to sell their old apartment and move to a new one.
The product is intended for individuals who plan to buy a new residence in exchange for their old one. In order to take part, the borrower has the possibility to have two parallel loans approved:
- Temporary loan - this loan can be approved without an income verification and must be paid off with the money generated from the sale of the old apartment/house within the agreed period;
- Basic loan - the income is verified and the conditions of the standard mortgage loan apply.
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Basic Loan Terms
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Loan amount
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Minimum - GEL 1,000
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Maximum - Individually*
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Loan term
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Minimum - 6 months
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Maximum:
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GEL - 240 months
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Foreign currency - 120 months**
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Loan currency
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GEL, USD, EUR
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Annual interest rate
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GEL - Index + from 3.3%
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USD - from 7.45% (variable rate attached to SOFRI index)
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EURO - from 7.1% (variable rate attached to EURIBOR index)
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Effective interest rate***
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GEL - From 14.7%
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USD - From7.9%
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EUR - From 7.5%
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Loan repayment terms
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Monthly equal payments
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Loan security
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Real estate
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Minimum of income
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GEL 300 (equivalent in the foreign currency)
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Type of income
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Salary, bonus, premium, dividend, lease, remittance. Also, income generated from private business - tutoring, dentist, barber, babysitter, tailor, and taxi driver activities.
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Loan disbursement fee
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0.5% (Min.50 units)
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Contribution in case of purchasing real estate
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0% (determined based on the liquidation value of the property)
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Withdrawal fee
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According to the tariff package
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Fee for searching in the Credit Info base
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18 GEL/6 USD/6 EUR
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Temporary Loan Terms
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Loan amount
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According to the basic loan terms
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Loan term
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6 months
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Loan currency
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GEL, USD, EUR
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Annual interest rate
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0%
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Effective interest rate
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From 7.1%
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Loan repayment terms
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Repayiment at the end of the term
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Loan security
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Commercial real estate for sale, owned by the borrower/co-borrower
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Loan disbursement fee
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3%
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Withdrawal fee
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According to the tariff package
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Fee for searching in the Credit Info base
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18 GEL/6 USD/6 EUR
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*A loan or bank credit for amounts less than 300,000 GEL can only be issued in the national currency, except when the borrower's income and the loan are in the same currency.
**In the case of a mortgage loan issued in a foreign currency, if the borrower's income is in the currency of the loan - not more than 15 years.
In the case of a mortgage loan issued in a foreign currency, if the income of the borrower and the currency of the loan differ from each other - not more than 10 years.
When refinancing a mortgage loan issued in a foreign currency from January 1, 2019 to January 1, 2022, if the loan is issued in a foreign currency and the borrower's income and loan currency differ, the maximum loan term is allowed to be 15 years.
The loan is disbursed to residents of Georgia, as well as non-resident persons. The loan is disbursed to non-resident persons within the terms of the business contract applicable in Georgia.
***The effective interest rate is calculated for 100,000 GEL. Term - 84 months.
See the registration / termination fee at the link