Mortgage financing reaches 313 billion MNT

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As of September, a total of 313 billion MNT has been injected into mortgage loans for 4,447 loan applicants within the scope of the eight percent interest rate mortgage program, according to the central bank.

This is 109.8 billion MNT higher than the 203.8 billion MNT financing issued to 2,963 applicants over the first nine months of 2018. The financing budget for the first nine months also exceeds the total mortgage financing buddle issued last year. In particular, the mortgage program received a total of 309 billion MNT in financing in 2018, allowing 4,676 individuals to get mortgages with eight percent interest rate.

In September alone, Mongol Bank provided 16 billion MNT to 243 individuals, government provided eight billion MNT to 130 individuals and commercial banks issued eight billion MNT to 111 individuals through the housing program. Compared to the same period of last year, the central bank’s mortgage financing has remained the same but four more individuals received financing.

The government increased mortgage financing by 500 billion MNT this year. In particular, Mongol Bank will inject 192 billion MNT, or 16 billion MNT a month, into the mortgage program, while around 300 billion MNT is planned to be withdrawn from the state budget.

Dulguun Bayarsaikhan