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02.08.2022
Reading time: 2 minutes
Author: Sea Inside

Apartments in installments from the developer: pros, cons

“I want to buy an apartment, but I don’t have enough money. I don't want to take a mortgage from a bank. What can be done?". With such questions, we, at Sea Inside, are often addressed. There is a way out. Let's talk about it in more detail.


What is "installment plan from the developer"

Let's start with a general definition. An installment plan is a payment option for goods or services, in which the payment is made not in full, but in part. It is resorted to when buying any product, but most often it is expensive (such as equipment, a car or real estate). In this case, the goods (house/apartment/apartment/villa) become your property even before you pay the full amount.
This type of payment helps out when savings are not enough, but there is a constant income, due to which you can stretch the payment of the debt over time. In recent years, more and more companies offer settlement on such a payment system.

In Georgia, installments from the developer are called "internal" - that is, without the involvement of a bank or other third-party microfinance organizations. Usually it is designed for 1-2 years, sometimes for 3 years - as a rule, until the end of construction.


Installment: pros and cons

Perhaps its main advantage is that it is interest-free. That is, the value of real estate is divided into equal parts, which should be paid regularly, preferably without delay.
Installment terms are set by each developer independently. Finding companies with favorable conditions is not easy. We at Sea Inside carefully select developers - we cooperate only with reliable and trusted ones.

To apply for an installment plan, you do not need to provide a certificate of income (which banks usually require for issuing a mortgage loan) - this is a considerable advantage. An identity document (usually a passport) and an extract from the Public Registry on the acquired property are sufficient. At the same time, the size of the monthly payment is higher than with a mortgage - due to a shorter term. However, the absence of commission interest makes this type of payment attractive. To get an internal installment plan, you need to make an initial payment - usually 20-50% of the property value. Installment without overpayments is especially convenient for those who do not have the entire amount on hand, and it is not possible to take a bank loan for various reasons (for example, a bank refuses a loan because of a small salary or an unclean credit history). Having a steady income (for example, from renting another apartment) and being able to financially organize regular payments, this method of payment (in fact, an alternative to a mortgage) allows you to purchase the desired property.


SEA INSIDE. Looking for real estate? We offer what we would buy ourselves.
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