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Mortgage loan program able to fund for 12,000 apartments annually www.montsame.mn
Ulaanbaatar /MONTSAME/. Minister of Finance B.Javkhlan has informed that the housing mortgage loan program will continue as normal as part of the government’s MNT10 trillion economic recovery and health protection plan presented by Prime Minister L.Oyun-Erdene last week.
According to the Finance Minister, around 15,000 apartments are newly commissioned each year in Mongolia and around 12,000 of them has smaller size that meets requirement for the purchase of an apartment of up to 80 square meters under the mortgage program. “Therefore, the mortgage program is available to provide loans with subsidized interest rates for around 12,000 apartments yearly.”
The economic plan sets out to enhance the loan amount and accessibility of mortgage loans and repurchase agreements by the Bank of Mongolia through commercial banks, and MNT 3 trillion will be earmarked for the mortgage loan program and development of Youth I, II and III apartment complexes in Ulaanbaatar and their infrastructures.
Since the decision was made to lower mortgage loan interest rate from 8 percent down to 6 in October 2020, more than 1,200 new mortgage agreements totalling MNT 95 billion were made only in December 2020, marking the highest amount of mortgage loans to be issued within a month.
Published Date:2021-02-15
