
The Mongolian Government agreed to grant apartment loans with 6 percent interest for low to medium income citizens who want to purchase an apartment through a100,000 apartment program being funded by the State bank. However, yesterday the State bank officially stopped accepting applications from citizens despite the fact that the Housing Finance Corporation has already received 3,664 applications and have approved 850 to grant loans totaling 35 billion MNT. The State bank has already financed 30 billion MNT by the Development bank and needs to be financed an additional 20 billion MNT according to a deal with the Development bank and the Government. The State bank announced that it will not grant low percentage apartment loans to the citizens until it gets the remaining financing from the Development bank. Despite the fact that many Mongolians have shown great interest in receiving an apartment, some people who applied last June for a loan still have not received a reply.