Central Bank to finance 80 percent of mortgage loanEconomy
Ulaanbaatar /MONTSAME/. Bank of Mongolia made the
following amendments to the regulation on mortgage loans. Therein:
- The Bank of Mongolia will finance 80 percent of the total funds for the mortgage program, and commercial banks will provide the remaining 20 percent starting this October.
- The increased amount of a loan to be issued through the source of BoM does not exceed MNT150 million in Ulaanbaatar and MNT100 million in rural areas starting from October 1, 2022.
- It was decided that If families moving to rural areas get a mortgage loan with an annual interest rate of 6 percent, the Loan Guarantee Fund can give a guarantee on a certain part of their 30 percent advance payments