Government announced it’s decision to reduce apartment loan to 0.6 percent per year last February. And Commercial banks issue apartment loan with 1.0-1.2 percent a month. But State bank which issues the loan stopped receiving lenders` applications since 9th October.
A.Chinbat, Loan expert in Development bank answered our journalists question on related issues.
-State bank stopped receiving loan application and explained it due to Development bank had stopped capital financing. What is the reason behind it?
-For this case, the capital financing has not been stopped. State bank apparently announced to public that capital financing transferred by Development bank spent over. Development bank contracted to State bank on 12th of May in 2012 to raise 50 billion MNT capital financing to grant 0.6 percent interest apartment loan to small and medium income citizens. In the context Development bank granted 30 billion MNT via State bank. And Development bank will transfer next 20 billion MNT by 10 by 10 to State bank as scheduling.
-Why Development bank was late to transfer the capital financing?
-State bank should deliver us the financial report that how much of the capital had been spent. And based on that report we decide whether to transfer the financing. As we are responsible for the agreement we will make a decision on next financing.
-Can you give a date?
-You should think that 10 billion MNT will be sent to State bank as capital for lower percent apartment loan at first. That means the loans will be granted this week. And next 10 billion MNT will be granted before first quarter of 2013.
