According to the Article 6 of the Regulation of the Loans of Individuals by the Order # 281/04 of 24 December, 2018 of the National Bank of Georgia, it is permissible to study the income of an individual in accordance with the Bank's internal policy-procedures.
Within the first few months upon the regulatory adoption in the framework of responsible crediting, the banking system was focused on systematic correct demonstration of regulations, on monitoring of bringing them to the consumers without harm and observing market behavior. As a result of this process, the banking system is now able to move to a new stage and provide an efficient way to assess the revenue and solvency of the borrower and to offer renewable healthy mortgage products.
As a result of the joint work of the Banking Association of Georgia, member-banking institutions and the representatives of the National Bank, commercial banks are beginning to develop new products for mortgage loans in lari.
In particular, in case of issuing mortgage loans at a minimum of 20% participation, commercial banks will evaluate the solvency of the borrower by internal models.
The introduction of the mentioned products will facilitate diversification of mortgage products, including mortgage loans for construction projects.