We interviewed with the Head of Strategic Policy and Planning Department of the Ministry of Construction and Urban Development U.Otgonbayar on the Government decision to set mortgage loan deposit at 10 percent.
-When the decision to reduce mortgage loan deposit at 10 percent will be implemented?
-The Government guarantee for the 20 percent of the deposit enabling residents to purchase housing through mortgage loans was approved through the cabinet session held before Naadam festival. According to the approved regulation, planned works are started to be done. For instance, we will establish an agreement with the Development Bank of Mongolia, commercial banks and the Ministry of the Finance. According to our plan, regulation will be implemented from Aug 15.
-Which banks will grant the loans?
-All commercial banks that issuing mortgage loans will be participating int. Residents fear the increase in requirements of commercial banks when the regulations are started to be implemented. There would be no additional criteria for the banks.
-Is there any additional criteria for residents?
-No. According to the new regulation, 7-15 group residents under household information database, who paid social insurance for the last two years, up to 18 year old and has legal capacity will be able to get mortgage loans with 10 percent deposit. Moreover, commercial banks that grant loans will be require its own criteria.
Source: Zuunii Medee
We interviewed with the Head of Strategic Policy and Planning Department of the Ministry of Construction and Urban Development U.Otgonbayar on the Government decision to set mortgage loan deposit at 10 percent.
-When the decision to reduce mortgage loan deposit at 10 percent will be implemented?
-The Government guarantee for the 20 percent of the deposit enabling residents to purchase housing through mortgage loans was approved through the cabinet session held before Naadam festival. According to the approved regulation, planned works are started to be done. For instance, we will establish an agreement with the Development Bank of Mongolia, commercial banks and the Ministry of the Finance. According to our plan, regulation will be implemented from Aug 15.
-Which banks will grant the loans?
-All commercial banks that issuing mortgage loans will be participating int. Residents fear the increase in requirements of commercial banks when the regulations are started to be implemented. There would be no additional criteria for the banks.
-Is there any additional criteria for residents?
-No. According to the new regulation, 7-15 group residents under household information database, who paid social insurance for the last two years, up to 18 year old and has legal capacity will be able to get mortgage loans with 10 percent deposit. Moreover, commercial banks that grant loans will be require its own criteria.
Source: Zuunii Medee