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Mortgage loan

Mortgage loans with flexible interest rates and terms depending on the down payment for customers who want to buy a new home or upgrade their existing home.

Terms and conditions

Mortgage loan		Terms
		MNT				USD
Maximum limit		Up to 500.000.000 MNN or equivalent of USD
		The loan analysis will be conducted using a standard form. The loan analysis will examine the borrower’s ability to repay the loan and assess the financial difficulties that the borrower may face. The total loan and interest payments of the borrower on a monthly basis shall not exceed 60% of debt-to-income.
Down payment		20%
		If additional property is pledged the down payment amount can be decreased down to 0%
Interest rate	Down payment /Percentage of housing value /	Additional pledged property or 20.0%-29.9% of the amount	30.0%-39.9%	40.0%-49.9%	50.0% or above	Additional property pledged	20% or above
	Interest rate/monthly/	1.80%	1.70%	1.65%	1.60%	1.35%	1.00%
	Interest rate/annually/	21.6%	20.4%	19.8%	19.2%	16.2%	12.0%
Terms		Up to 360 months				Up to 120 months
Service fee		1% of the loan amount /maximum MNT 1,500,000/ or equivalent currency
Penalty interest rate		Penalty interest rate /equivalent to 20% of base interest rate/ is added to the base interest rate
Fee for changing the original loan terms		1% of the loan balance
Loan application fee		10,000 MNT
Credit recording enquiry fee /during loan analysis procedure/		Individual – 1,000 MNT Corporate – 1,000 MNT

* Effective percentage rate /annual/: MNT 20.40%-21.86%

Requirements

The borrower shall have been of steady employment at the current place of work for at least the previous 12 months or running their own business for at least 1 year
The total monthly loan repayment should be no more than 60% of the post-tax income
No overdue loans or non-performing loans at any commercial bank or financial institution

Eligibility or required documents

Loan application form /attached /
Handwritten application (terms and condition, a purpose of loan should be clearly addressed)
A passport-sized photo
Notarized copy of ID;
Proof of down payment (proof of payment of at least 30% of the apartment, or proof of ability to pay or the deposited account statement)
Statement of savings account that covers the down payment or related evidence
Salary income statement by the employer, should indicate / whether the employee is able to work permanently in the future/
Notarized copy of social insurance book/ should include a page nomination of current position/
Residential reference letter from Governor of resident area (names of family members, registration number/
Original and copy of employment contract
Documents proving household and business income
Documents proving business activities
Account statement / proof of income documents/
Original documents for the collateral (if it is the apartment, real estate certificates)
Detailed inquiries about the property from the Land Office and GASR
If you have a loan balance with other banks and NBFIs, loan agreement, loan account statement and loan and interest payment documents
Other required documents

Mortgage loan

Terms and conditions

Requirements

Eligibility or required documents