SOME BANKS HAS STOPPED THEIR HOUSING LOAN

Sep 26 • Economy, Finance, Real Estate • 528 Views • No Comments on SOME BANKS HAS STOPPED THEIR HOUSING LOAN

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It has been while since the 40.000 house program launched. As for now, 10,000 houses were built. But average Mongolians cannot afford houses or apartments even they saved 20-30 million MNT. Recent statistics say that average Mongolian family income is 300 thousand MNT and expenditure is 350 thousand MNT. In other words, most of Mongolians don’t’ save their income, but they are trying to survive with their income.
There were periodical hearsay that apartment price is decreasing. But at this time, it has more realistic explanation as the commercial banks stopped their housing loan. Bank of Mongolia increased its interest rate. Therefore, some commercial bank halted their long term loan. For example, Khaan Bank stopped its loan housing loan since September 12. It explains its decision connected with the decision of Bank Mongolia. Also Credit Bank stopped its loan until the end of September. Trade and development Bank stopped its loan starting September 10 2008. But Xac and Golomt Bank is giving loan.

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