Bank of Mongolia released an information on first 6 days of newly implemented mortgage program. The new program in collaboration with MIK (Mongolian Mortgage Corporation), Bank of Mongolia and the government will lend to those households who are purchasing an apartment no more than 80 square meters and those who can pay the down payment of 30%. The mortgage is up to 160 million MNT (USD112,000 as of today). Previous mortgage holders of 15-22% can switch to the new 8+ 1 EAR mortgage easily.
Last week, banks received a request of MNT587.1 billion (USD411 million as of today) for re-financing the previous mortgages. Banks switched MNT 195.2 billion (USD137 million) of the request into the new rate. MNT8.8 billion worth of new mortgages were issued out of MNT90.9 billion worth of application made by 207 people.