In 2013, the Mongolian government started implementing a mortgage loan programme to increase the affordability and accessibility of apartments for urban residents, particularly young families and those living in ger districts. As of December, 2019, over 95,000 borrowers had received mortgages, said a senior official of the Mongolian Mortgage Corporation (MIC).
That was before the COVID-19 pandemic! Because many mortgage payers are now facing difficulties. Subsequently, the Central Bank of Mongolia in cooperation with Ministry of Finance, the MIC and other commercial banks have decided to postpone mortgage repayment of for three months from 1 February, 2020.