Ulaanbaatar
More families could be involved in 8% mortgage loan
PoliticsUlaanbaatar /MONTSAME/ A draft amendment to the Civil Code was submitted Friday to the Speaker Z.Enkhbold by D.Ganbat, head of the Standing committee on justice; B.Garamgaibaatar, head of the Democratic Party’s faction; and other MPs.
As of present, some 18 thousand families have applied for the eight percent mortgage loan with the income threshold of 1.3 million togrog per month. By this amendment, a family that has income of MNT 450 thousand per month will be able to get involved in the 8% mortgage loan. The Bank of Mongolia said it is possible to reduce the mortgage loan’s interest to five percent as well.
The draft provides this opportunity by ensuring a stability of repayment of loans and by allowing to rent the capitals which are in pledge or to transfer it to others. It would also contribute to augmenting of the credit needs at the market and to small- and middle-sized entities business, the draft initiators said.
