Advance payment for apartment to be provided to ger district residents

MONTSAME

2017-06-16 17:05 GMT+8

180 thousand families of the capital are to be enabled to buy an apartment, pledging their currently owned land as collateral for the apartment’s advance payment.  Governor of Ulaanbaatar city S.Batbold today, 16 June, announced that an Apartment fund for air pollution reduction in the capital, which finances advance payment for residents’ to buy apartment, has been established.

“ –Providing citizens in Ger districts with apartment is important to curb air pollution of the capital. A study shows that smoke from Ger district causes 80 per cent of the air pollution of Ulaanbaatar. Even though residents in Ger districts are willing to live in apartment, they do not afford to make advance payment. There are four zones of with different air pollution level in Ulaanbaatar city, classified by the capital Governor’s office. 180 thousand households of the total of 210 households in the city reside in 1stand 2nd zones. Residents in those zones will be eligible for advance payment financing from the fund to buy an apartment up to 70 sq.m, putting their owning land as collateral’ said Governor S.Batbold.

There are 35 thousand newly-built apartments in Ulaanbaatar and the Governor’s Office of the capital budgeted MNT5 billion for the fund, planning to provide 250 households with apartment in the first stage. Freeing land in Ger districts is expected to allow the start of new construction projects, building schools, kindergartens and apartments.

Residents in the abovementioned zones can apply for advance payment from the fund, after having apartment purchase agreement and proof document for availability of mortgage by a commercial bank.

According to the Governor, residents will be provided advance payment of up to MNT 40 million and they can re-own their land or to sell the land to the Capital Governor’s Office after having repaid the advance payment.

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