What are mortgage rates in Georgia now?
In Georgia, the country, the average rate on new mortgages was 11.4% in lari and 7.7% in foreign currency in July 2026, according to National Bank of Georgia data. Banks advertise lari mortgages from about 10.5% to 14.7% nominal and dollar mortgages from about 7% to 9%, but the effective rate, which includes fees and insurance, is typically 1 to 2.5 percentage points higher. The National Bank's policy rate, which drives lari rates, stands at 8.25% after a rise on 6 May 2026 and was held there on 21 October 2026; the next decision is due on 16 December 2026.
This page collects the national averages, the policy rate, each bank's published offer and the rules that cap what a bank may charge. How a foreigner applies, what banks ask for and how a purchase with a mortgage runs are covered in our guide to getting a mortgage as a foreigner.
Average rates on new mortgages
| Period | In lari | In foreign currency |
|---|---|---|
| Q1 2019 | 10.1% | - |
| September 2022 | 12.85% | 6.02% (USD, Q3) |
| Q3 2023 | 12.68% | 6.93% (USD) |
| July 2024 | 11.9% | - |
| October 2024 | 11.7% | 7.2% |
| January 2025 | 13.4% | - |
| June 2025 | 13.1% | 8.4% (USD) |
| December 2025 | 12.1% | 8.0% (USD) |
| March 2026 | 11.88% | - |
| June 2026 | From 11.5% | 7.8% |
| July 2026 | 11.4% | 7.7% |
Lari rates peaked in early 2025 and have fallen by about 2 percentage points since, while foreign-currency rates have stayed between 7% and 8.5%. Lending has grown quickly: about 40,000 new mortgages worth GEL 4.1 billion were issued in the first 8 months of 2026, with an average loan of about GEL 104,000. The National Bank's August release was published only in its interactive report, and we found no published figure for August or September; we add new months as they appear.
The National Bank's policy rate
| Date | Decision | New rate |
|---|---|---|
| 30 March 2022 | Raised by 0.5 points | 11% |
| 10 May 2023 | Cut by 0.5 points | 10.5% |
| August 2023 | Cut by 0.25 points | 10.25% |
| 13 September 2023 | Cut by 0.25 points | 10% |
| 20 December 2023 | Cut by 0.5 points | 9.5% |
| 31 January 2024 | Cut by 0.5 points | 9% |
| 13 March 2024 | Cut by 0.75 points | 8.25% |
| 22 May 2024 | Cut by 0.25 points, then held for 2 years | 8% |
| 6 May 2026 | Raised by 0.25 points | 8.25% |
| 17 June, 29 July, 9 September, 21 October 2026 | Held | 8.25% |
The policy rate matters most for lari loans with a variable rate. When the rate rose in May 2026, the National Bank estimated that 252,029 borrowers with variable-rate loans worth GEL 19.9 billion, including GEL 3.9 billion of mortgages, would see their payments rise. With prices rising 5.6% a year in September 2026, well over the 3% goal, the bank has kept the rate high.
Published offers by bank
| Bank and product | Lari | US dollar | Euro |
|---|---|---|---|
| Halyk Bank, mortgage | 10.5% / 11.86% | 7% / 7.37% | 5% / 5.24% |
| Basisbank, mortgage | 10.7% / 12.54% | 7.3% / 9.23% | 7.3% / 9.05% |
| Liberty Bank, mortgage and emigrant mortgage | 11.8% / 12.7% | 8% / 9.1% | 7.5% / 8.52% |
| ProCredit Bank, housing loan | 12% fixed for year 1 / 14.17% | 8% / 8.79% | 7% / 8.26% |
| Terabank, mortgage | 13.25% / 15.80% | 8.95% / 11.0% | 8.60% / 10.60% |
| Credo Bank, mortgage for expats | 14.65% / 16.91% | 8.50% / 10.31% | 8.00% / 9.78% |
| TBC Bank, example on its page | 9.9% / 11.35% | - | - |
These are "from" rates; the rate you are offered depends on your income, the down payment and the property. Bank of Georgia's current rates were not readable on its website, and Silk Bank, Cartu, Ziraat, Pasha and Isbank publish no mortgage rates online. Liberty Bank's loans for flats from its partner developers start at 12.65% in lari and 9.30% in dollars, with a 0% down payment advertised on some projects.
Products for buyers who earn abroad
- Liberty Bank emigrant mortgage. Same rates as its standard loan; can be arranged without visiting Georgia, through a power of attorney; income received abroad accepted; up to 240 months in lari, 120 in foreign currency.
- Credo Bank mortgage for expats. 20% down payment in lari, 40% in dollars or euros; up to 180 months in lari and 120 in foreign currency; the bank says all income sources are considered; an account must first be opened at a service centre.
- Basisbank mortgage for emigrants. For buying from a developer; 30% down, up to GEL 600,000 and 15 years; effective rates from 14.86% in lari, 12.45% in dollars and 11.76% in euros.
- Halyk Bank mortgage for people receiving remittances. 10.5% in lari, 7% in dollars and 5% in euros; the page now states a maximum term of 10 years.
The National Bank's limits still apply on top of what a product page says: a foreign-currency mortgage can finance at most 70% of the value, or 80% for borrowers whose income comes from abroad, and banks usually ask foreigners for 30% to 40% down.
Why the effective rate is higher
The effective rate adds every compulsory cost to the interest, so it is the number to compare. National Bank rules require any advertisement that shows a rate or fee to show the effective rate in the same size and style. The usual extras are:
- Issuance fee. 0.4% at Liberty (minimum GEL 50), 0.5% at Basisbank, Terabank, Halyk and ProCredit, from 1% at Credo.
- Insurance. Property insurance from about 0.27% a year and life insurance from about 0.65% to 0.72% a year at banks that publish them; Halyk does not require either.
- Collateral registration. Liberty charges from GEL 158 to register the mortgage and from GEL 151 to release it.
- Credit bureau check. GEL 18 at Terabank.
- Valuation. The bank's appraiser values the flat before the loan is set; no bank publishes this fee.
Fixed periods and variable rates
Most Georgian mortgages start with a fixed period and then follow an index plus a fixed margin. The lari index is usually TIBR, the Tbilisi interbank rate, or the policy rate itself; dollar loans follow Term SOFR and euro loans EURIBOR. ProCredit, for example, fixes the first year at 12% in lari and then charges 1-month TIBR plus 5.3%; Basisbank offers a 36-month fixed period. Banks must show what happens in a bad case: ProCredit's page shows its effective lari rate rising to 18.48% if the index rises by 5 points, and its dollar loan costing an effective 30.13% in lari terms if the lari falls by 15%.
Legal caps on what a bank can charge
Under Article 625 of the Civil Code the effective interest rate on any loan may not exceed 50% a year. Early repayment fees are capped by the National Bank's consumer protection regulation, as a share of the principal repaid:
| Type of rate | Time left on the loan | Maximum fee |
|---|---|---|
| Any | 6 months or less | 0% |
| Fixed | 6 to 12 months | 0.5% |
| Fixed | 12 to 24 months | 1% |
| Fixed | More than 24 months | 2% |
| Variable | 6 to 24 months | 0.5% |
| Variable | More than 24 months | 1% |
| Indexed | More than 6 months | 0.5% |
| Refinancing with another lender, contracts from 1 May 2025 | Any | 0.5% |
No fee is allowed when the loan is repaid from an insurance payout or at the lender's request, and the fee may never exceed the interest that would have accrued over the remaining term. A lender also may not change the loan currency on its own.
Lari or dollars for a foreign borrower
The National Bank's lari-only requirement, in force from 1 July 2026 for borrowing below GEL 1,000,000, exempts non-citizens, which leaves foreign buyers free to take dollar or euro loans. Foreign-currency loans are usually limited to 10 years unless your income is in the loan currency; lari loans run to 20 years. The example below compares the two for a buyer who earns in dollars.
| Loan | Monthly payment | In dollars today | In dollars if the lari falls 15% |
|---|---|---|---|
| USD 100,000 at 8% | USD 1,213 | USD 1,213 | USD 1,213 |
| GEL 259,790 at 11.8% | GEL 3,697 | USD 1,423 | USD 1,238 |
For someone paid in dollars, the dollar loan is cheaper today and carries no currency risk. The lari loan only catches up if the lari weakens by about 15% and stays there. For someone paid in lari the picture reverses: the same dollar payment would rise from GEL 3,152 to GEL 3,625 after a 15% fall. Borrow in the currency you earn in.
The state subsidy for families
The government's subsidised mortgage programme, run since May 2026 by the Georgian Economic Development Corporation, pays part of the interest for 60 months on lari loans of up to GEL 200,000 to buy or build a home. It is for families with a child born or adopted after 1 September 2021, or with 3 or more children. The subsidy equals the policy rate minus 3.5 points, up to 6%, or minus 1.5 points, up to 8%, for families with 3 or more children; at today's 8.25% that works out to about 4.75 and 6.75 points by our calculation. About 8,000 families had used it by July 2025.
To be added by the team: our accountant to confirm whether foreign citizens or residence permit holders can use the subsidised mortgage programme.
How Georgian rates compare
- Euro area. The composite cost of new house-purchase loans was 3.60% in August 2026, so a lari mortgage costs roughly 3 times as much and a dollar mortgage about twice as much.
- Armenia. Mortgage rates were about 12.5% in June 2026, close to Georgian lari rates.
- Georgian deposits. Banks pay about 8.85% to 10.7% a year on 12-month lari deposits and 1.4% to 4% on dollar deposits, which explains the gap between lari and dollar loans.
Comparing mortgage offers, step by step
Decide the currency
Match the loan to the currency of your income.
Ask three banks for a written offer
With the effective rate, fees and insurance for your amount and term.
Check the fixed period
How long the starting rate lasts and which index follows.
Read the stress figures
The effective rate if the index rises or the lari falls.
Check the early repayment terms
Against the caps in the table above.
Risks and exceptions
- Currency mismatch. A loan in a currency you do not earn can grow sharply.
- Rate rises. Variable lari loans follow the policy rate and TIBR.
- Teaser periods. A low first-year rate can jump when the index takes over.
- Hidden costs. Compare effective, not nominal, rates.
- Changing offers. Product terms change often; get them in writing.
Frequently asked questions
What is the average mortgage rate in Georgia?
11.4% in lari and 7.7% in foreign currency for new loans in July 2026.
Can a foreigner get a dollar mortgage?
Yes; the lari-only rule does not apply to non-citizens.
What is the policy rate?
8.25% since 6 May 2026.
Which bank has the lowest rate?
Among published offers, Halyk starts lowest, but compare effective rates for your case.
Are rates fixed?
Usually for an initial period, then linked to an index.
How much is the early repayment fee?
At most 2% of the principal repaid, often less.
How long can a foreign-currency mortgage last?
Usually up to 10 years; lari loans up to 20.
Is there a maximum interest rate?
Yes, an effective rate of 50% a year.
Sources
- Monetary policy rate kept at 8.25%, National Bank of Georgia, 21 October 2026 (accessed 21 October 2026)
- Loan statistics, National Bank of Georgia (accessed 20 October 2026)
- Monetary Policy Committee decisions, National Bank of Georgia (accessed 20 October 2026)
- Rate hike to 8.25% and variable-rate borrowers, Georgia Today, 6 May 2026 (accessed 20 October 2026)
- Lari mortgage rates, BM.ge, 13 November 2023 (accessed 20 October 2026)
- 86% of new mortgages issued in lari, BM.ge, 27 November 2024 (accessed 20 October 2026)
- Mortgages in dollars have also become more expensive, GBC, 29 July 2025 (accessed 20 October 2026)
- Mortgages to non-residents, GBC, 6 February 2026 (accessed 20 October 2026)
- Mortgage lending in Q1 2026, Georgia Today, 27 April 2026 (accessed 20 October 2026)
- Foreign-currency mortgages have become cheaper, GBC, 6 August 2026 (accessed 20 October 2026)
- Mortgage volume in Georgia, InternationalInvestment.biz, 8 September 2026 (accessed 20 October 2026)
- Mortgage loan, Halyk Bank Georgia (accessed 20 October 2026)
- Your mortgage, Basisbank (accessed 20 October 2026)
- Mortgage loan for emigrants, Basisbank (accessed 20 October 2026)
- Mortgage loan, Liberty Bank (accessed 20 October 2026)
- Mortgage loan for emigrants, Liberty Bank (accessed 20 October 2026)
- Housing loan, ProCredit Bank Georgia (accessed 20 October 2026)
- Mortgage loan, Terabank (accessed 20 October 2026)
- Mortgage loan for expats, Credo Bank (accessed 20 October 2026)
- Mortgage, TBC Bank (accessed 20 October 2026)
- Regulation on consumer protection in financial services, Order No 32/04, National Bank of Georgia (accessed 20 October 2026)
- Early repayment fee reduced to 0.5% for refinancing, First Channel, 6 May 2025 (accessed 20 October 2026)
- Civil Code of Georgia, Legislative Herald of Georgia (accessed 20 October 2026)
- Government Resolution No 218 on the subsidised mortgage programme, Legislative Herald of Georgia, 21 May 2026 (accessed 20 October 2026)
- Subsidised mortgage results, First Channel, 22 July 2025 (accessed 20 October 2026)
- Euro area bank interest rate statistics: August 2026, European Central Bank, 1 October 2026 (accessed 20 October 2026)
Change log
- - Data page published from National Bank of Georgia statistics and decisions, bank product pages read on 20 October 2026, the Civil Code and the National Bank's consumer protection regulation.