Mongolian mortgage lending decreasing - News.MN - The source of news

Mongolian mortgage lending decreasing

Saturday

2018/10/19

Dollar (USD)

2533.95

Ulaanbaatar

+19°C

Mongolian mortgage lending decreasing

B. Ankhtuya
Б. Анхтуяа
Economic

The issuing of mortgage loans has been decreasing. According to a statement by the Central Bank of Mongolia, banks issued a total of MNT 203.2 billion in mortgage loans to 2724 new borrowers in the first nine months of 2018. A total of MNT 115 billion for financing of mortgage loans in the 2019 State Budget will be available for a narrow group of 1150 borrowers.

When the Democratic Party was in power, over 90,000 people received mortgage loans in 2013-2014 under the Price Stabilising Programme implemented by the Bank of Mongolia.

Currently, a total of 270 thousand households live in Ulaanbaatar’s ger districts; 60 percent of them can afford participate in the mortgage programme: at the same time there are 34 thousand apartments which are standing empty and cannot be sold.

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