Last week, the Government approved the revised ruling regarding the 5% mortgage and decided that the mortgages should be provided. Accordingly, the initial work to implement the mortgages from 15^th March is underway.

According to the Governmental ruling, the 2000 apartments which are being built under Ulaanbaatar City Administration’s “Apartment Program for the Ger Districts” will benefit from the 5% mortgage programme. Three ger-districts in Nalaikh, Baganuur and Bagakhangai are planned under the re-development program. Outside of UB, a total of 1000 apartments are to be built across the provinces. These too will be under the 5% mortgage scheme.