Category: Private housing and real estate’s loan

A loan for purchasing a private house, building a private house with temporary collateral, and financing a home construction.

Terms and conditions

Private house mortgage		MNT			USD
Interest rate	Down payment / Loan-to-value ratio of Private house /	30.0%-39.9%	40.0%-49.9%	Greater than or equal to 50.0%	Less than 30.0%	Greater than or equal to 30.0%
	Monthly rate	1.80%	1.70%	1.60%	1.35%	1.00%
	Annual rate	21.60%	20.40%	19.20%	16.20%	12.00%
Loan period		Up to 180 months
Loan origination fees		Amounts to about 1% of disbursed loan and MNT 1,500,000
Penalty interest		Equivalent to 20 percent of the base interest rate
Loan forbearance fee		Amounts to about 1% of total loan balance
Loan Application fee		MNT 10,000
Credit record enquiry fee /For each/		Individual – MNT 1,000
		Corporate – MNT 1,000

* Effective percentage rate /annual/: MNT 19.48%-21.90%

The loan applicant shall have held steady employment at the current place of work for at least the previous 12 months or be running their own business for at least 1 year
Documentary evidence that 30% of construction budget is financed by the borrower;
The monthly repayment to income ratio shall not exceed 60% of post-tax income;
To have no overdue and non-performing loan history at other banks or NBFIs.

Loan application form /bank format/
Loan application letter /loan size, loan period, clear statement about purpose of loan /
A passport-sized photo 1%
Notarized copy of Citizen’s ID Card
Residential reference letter from Governor of resident area (names of family members, registration number).
Marriage registration reference

Employment verification letter / Shall indicate the job stability of the employee /
Notarized copy of Social Insurance /shall include the assigned position history/
Original and Copy of Employment contract;
Documents proving household and business income (e.g. bank account and other financial statements)
Documents proving business activities
Bank account statement / salary statement and other business account statement proving all business income transactions /
Original copy of collateral’s state registration certificate along with inquiry /If the collateral is an apartment then the state registration certificate, along with the land cadastral map/
Inquiry of General Authority for State Registration and Land Administration and Management of the purchasing house
If the loan applicant has the outstanding loans at other banks and NBFIs /Loan agreement, loan account statement/
Other documents may be required on a case by case basis