Ulaanbaatar
Apartment mortgage to continue stable
PoliticsUlaanbaatar /MONTSAME/ Bank of Mongolia approved a regulation on financing apartment mortgage on November 25. Today, a cooperation agreement was signed between the Bank of Mongolia, the Government, Mongolian Mortgage corporation, Xac Bank, Ulaanbaatar City bank, National Investment bank, Khan bank and Golomt Bank with a view to ensure stable continuance of the program on apartment mortgage loan with annual 8 percent interest.
According to the regulation, the Bank of Mongolia finances apartment mortgage loans each month from the repayments of mortgage loan secured bond. A total of MNT111.8 billion has been financed for apartment mortgage by the central bank and mortgage applications of 1656 persons have been resolved since the approval of the new regulation.
