Mongolian housing loan to be more flexible
Mongolian housing loan is to be more flexible.
Mongolian housing loan is to be more flexible to public. Speaker of Parliament and President of Central Mongol Bank announced that the present eight percent annual interests for mortgage loan can be lowered to five percent. They believe that by decreasing the mortgage loan interest, many households will be provided with the opportunity to purchase apartments as the monthly income requirement of households will also be decreased. If the parliament reduces housing loan interest rates from eight to five, lenders with eight percent housing loan will request to transfer to a five percent interest loan, and there is no legal ground to prohibit this. According to the latest data, apartments for 17,000 households are available on the domestic market throughout the country. The main goal of the parliament is to supply apartments for 40,000 to 70,000 households in coming three years.
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