The National Bank of Georgia develops an educational video on mortgage loans
The National Bank of Georgia, with the support from the Development Facility of the European Fund for Southeast Europe (EFSE DF) and with the involvement of a strategic branding agency LIVE Branding, developed an educational video on mortgage loans, titled "Buying a Home with a Mortgage Loan", which can be accessed by interested parties on NBG's website.
The educational video is aimed at future home owners, who are thinking about buying, constructing or renovating their house or apartment, and are considering financing this initiative with a long-term mortgage loan. The video covers all essential aspects of mortgage borrowing, including, estimating the total cost of purchasing a home and how much a borrower can afford to borrow, the most important contract conditions with regard to currencies, interest rates, maturities and repayment schemes, and more.
In addition to an educational video, web-banners on mortgage loans were also developed, which were placed on real estate websites. Via these banners, consumers can access NBG's website, where they can view the video, as well as an educational brochure on mortgage loans, which NBG and EFSE DF developed in 2016. The brochure discusses in more detail and in a reader-friendly, engaging manner the essential aspects of mortgage loans. Further, the brochure offers detailed instructions to the consumers, which will help them make sound decisions, namely: a checklist of questions to ask lenders before taking out a mortgage loan, as well as other practical tips on other important aspects of mortgage borrowing.
"Developing an educational video on mortgage loans is one more significant step towards enhancing financial literacy levels of the Georgian population. Taking a mortgage loan is a rather important decision, which necessitates a careful and responsible analysis of all opportunities and risks by borrowers. For this reason, we developed interesting, easily comprehensible and engaging educational materials, which can be easily accessed by consumers from those websites, which they visit when buying, constructing or renovating their homes. I would like to thank the Development Facility of the European Fund for Southeast Europe (EFSE DF), which significantly supported NBG in the process of developing educational materials on mortgage borrowing", - stated Koba Gvenetadze, Governor of the National Bank of Georgia.