Commercial banks financed mortgage loans with their own sourcesPolitics
Ulaanbaatar /MONTSAME/ Bank of Mongolia has reported that mortgage issuance continues normally, adhering to ‘Regulation on financing apartment mortgage loan’. The regulation was renewed last October with 8 per cent interest loan for up to 30 year term and one can get mortgage loan for purchasing apartment with less than 80 sq.m, in condition paying less than 30 per cent of the apartment cost in advance.
By November, a total of MNT64.7 billion mortgage loan has been granted to 1072 borrowers. Commercial banks also issued mortgage loan worth MNT14 billion with their own sources.