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Mongolia News / Real Estate / March 10, 2016

5% mortgage loan will be issued starting Mar 15

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S.Erdene, the Minister of Population Development and Social Welfare held press session today. He reports that 5% mortgage loan will be issued starting next Tuesday (Mar 15).

On behalf of the Government, the Ministry of Population Development and Social Welfare, Bank of Mongolia and heads of commercial banks signed trilateral cooperation agreement. Therefore legal framework for issuing 5% mortgage loan was created.

Currently, 77 thousand citizens received 8% mortgage loan. They pay more than MNT 100 billion monthly in interest and main credit.

It reaches MNT 1.4 – 1.6 trillion in a year. Now this payment will transfer into future pension reserve fund and then it will be financed 5% mortgage loan.

SOURCE: Mongolia.gogo.mn




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