Ulaanbaatar
Mortgage loan will continue normally
PoliticsUlaanbaatar /MONTSAME/ At a plenary meeting of the parliamentary session on Tuesday, a majority of MPs (86.5%) adopted draft amendments to the civil law and to law on pledge of immovable properties.
These amendments provide a normal process of credit repayment and a prevention of delay in repayment, and other risks, and also allow a borrower to rent properties in pledge without a permission from the pledge’s owner. It will boost the economic circulation, and the pledge under mortgage loan will be guaranteed, the draft initiators said.
The laws will continue a normal process of the governmental mortgage loan programme with a low interest and long term. The credits from banks and financial institutions under the pledge of immovable properties will increase the credits' circulation and will give a concrete support to small- and middle-sized businesses.
