Last week, the government had made proposals to provide the government workers with 4000 mortgages. They are to release government bonds worth around 180 billion MNT and government workers will apply for the mortgages through the commercial banks. Some questions were asked from S.Bayartsogt, Minister for Finance.
Q: What are the barriers for the government workers to get the mortgage?
S.Bayartsogt: They have to apply to the commercial banks and banks will decide if they are eligible.
Q: What if the barriers are so high and they are not able to get the loans or the mortgages?
A: Currently, they are not able to get long term loans from the commercial banks. This proposal sets and gives the credits in the commercial banks which opens better chances. In terms of time, the loans will be agreed for 15 or more years.
Q: How will you set the interest for the loans?
A: The interest of loans will be similar to the Interest rate of the given commercial bank. We will provide soft loans with very low interest rate to the commercial banks. The interest rate of the mortgages will be negotiated and set by Mongol Bank, Minister of Finance and the commercial banks. More information about this will be given later which will be much clear to the people and the borrowers.
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