Commercial banks grant MNT 49.5 billion mortgage loans to 495 applicants in March

ZGM DAILY

2018-05-07 10:59 GMT+8

According to the data provided by the Bank of Mongolia (BoM), a total of 585 mortgage loan applications were submitted to the bank in March. This is the highest number of applications in the first quarter. As such, 495 citizens were granted a total of MNT 49.5 billion as mortgage loan, of which over 50 percent were financed from commercial banks. Accordingly, the total balance of mortgage loan reached MNT 4.2 trillion.

Minister of Construction and Urban Development Badelkhan Khavdislam informed that the ministry is planning to grant MNT 220 billion mortgage loan from the repayment of BoM and MNT 120 billion from the State Budget. The State Budget funding is granted quarterly for the loan, while the BoM monthly transfers the finances. However, the mortgage loan is under deficit, the Minister noted. Therefore, a new regulation for the loan has been formulated and submitted to the Cabinet in order to increase accessibility. According to an estimate, the current financial sources of the mortgage program can only cover 5-6 thousand households.

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