Over 500 billion MNT issued in mortgage loans

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Housing in Ulaanbaatar

According to data from Mongol Bank, commercial banks have received requests to issue 585.3 billion MNT in mortgage loans from 9,509 citizens. After reviewing the applications, the banks issued 139.8 billion MNT in loans with a five percent interest rate to 2,929 applicants, and 5,374 borrowers qualified for 361.9 billion MNT in loans with an eight percent interest rate.

Commercial banks refinanced 54.2 billion MNT in loans from borrowers who purchased apartments that are part of ger area redevelopment projects, including the new residential zones of Ulaanbaatar (Baganuur, Bagakhangai, and Nalaikh) and in the 21 provinces through the five percent annual interest rate mortgage loan program.

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