Ulaanbaatar
Khan Bank analyzing and disbursing mortgage loans
EconomyUlaanbaatar /MONTSAME/ In accordance with a joint directive issued by the Minister of Population Development and Social Welfare and the governor of the Bank of Mongolia on this March 4, terms and conditions for mortgage loans were revised and changes were made to Regulations for Mortgage Loan Financing upon the Governor’s directive adopted on this March 11.
Khan Bank Wednesday said it resumed 8% mortgage loan disbursement, in addition to the issuance of 5% mortgage loans based on the new terms and conditions starting from March 15. The bank has been receiving 8% mortgage loan applications and making credit decisions through its normal loan procedures. If a borrower has been approved for the 8% mortgage loan but has not received the loan yet and meets the requirements of eligibility for the 5% mortgage loan, the borrower can transfer their application to the 5% mortgage loan.
According to the regulation, borrowers who are purchasing apartments in the areas specified below are entitled to apply for the 5% mortgage loan: new residential areas; ger district redevelopment areas; and the furthest districts of UB, including Baganuur, Nalaikh, and Bagankhangai; and in the 21 provinces (aimag).
For the apartment purchase in areas not specified, the borrower can apply for the 8% mortgage loan.
