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Limit on size of the housing for 8% mortgage loan increases

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B.Erdenechimeg
2016-09-21
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Limit on size of the housing for 8% mortgage loan increases

On Sep 20th, Prime Minister J.Erdenebat met with delegations of banking and financial sectors and decided to continue issuing 8% mortgage loans to residents, adding that  limit on size of the housing will increase to up to 100 square meters. Previously, the limit on size of the housing was up to 80 square meters. 

Minister of Construction and Urban Planning Ts.Munkhbayar has proposed to increase the limit on size of the housing to 120 square meters. However, PM set a limit of up to 100 square meters.

Currently, 8000 new housings are available for mortgage loans in Mongolian market. Also, 25 thousand new apartments will be commissioned in near future. Change in mortgage loan regulation is expected to bring positive result in housing sales. As of today, commercial banks are not granting mortgage loans due to lack of financing. 

PM noted that we are seeking new financial resource for mortgage loans. 

In addition, PM stated that residents aiming to buy housings, more than 100 square meters, are able to get 8% mortgage loans by paying additional payments except 30 percent deposit. It will be the next major change in mortgage loan regulation. 

However, the regulation have not yet approved which is being developed by the Bank of Mongolia and Ministry of Finance. 

On Sep 20th, Prime Minister J.Erdenebat met with delegations of banking and financial sectors and decided to continue issuing 8% mortgage loans to residents, adding that  limit on size of the housing will increase to up to 100 square meters. Previously, the limit on size of the housing was up to 80 square meters. 

Minister of Construction and Urban Planning Ts.Munkhbayar has proposed to increase the limit on size of the housing to 120 square meters. However, PM set a limit of up to 100 square meters.

Currently, 8000 new housings are available for mortgage loans in Mongolian market. Also, 25 thousand new apartments will be commissioned in near future. Change in mortgage loan regulation is expected to bring positive result in housing sales. As of today, commercial banks are not granting mortgage loans due to lack of financing. 

PM noted that we are seeking new financial resource for mortgage loans. 

In addition, PM stated that residents aiming to buy housings, more than 100 square meters, are able to get 8% mortgage loans by paying additional payments except 30 percent deposit. It will be the next major change in mortgage loan regulation. 

However, the regulation have not yet approved which is being developed by the Bank of Mongolia and Ministry of Finance. 

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Сэтгүүлч B.Erdenechimeg
B.Erdenechimeg
Category
Society
Published
2016-09-21


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