Category: Mortgage Loan

Loans for the program jointly implemented by the Bank of Mongolia and commercial banks within the framework of the government\’s unified housing policy.

Categories
Mortgage Loan

Terms and conditions

Conditions
Maximum Loan Amount

Not more than 70 percent of the value of apartment

/In the case of a home mortgage in the down payment, it is not necessary that percentage/
Down payment
30% or more
Loan interest /annual/ 6.00%
Loan terms Up to 360 months
Service fee
1% of the granted loan amount or /up to 1,500,000 MNT/
Increased interest
Equal to 20 percent of the basic interest rate
Application Fee
 10,000 MNT

Credit database reference fee

For each inquiry during the loan/Citizen, Organization/ – 1,000 MNT
Categories
Mortgage Loan

Requirements

  • The applicant for the principal loan must not be a participant in any subsidized housing loan or rent-to-own housing program implemented or currently being implemented by the Government;
  • The apartment to be purchased does not exceed 80 square meters, is used for public purposes or received by the state commission, and is used for living;
  • To be able to pay/pay the advance payment;
  • The main loan applicant must have been employed in the organization in the last 1 year and the co-loan applicant in the last 6 months, or the loan applicant must have worked in the business in the last 2 years and the co-loan applicant in the last 6 months;
  • The applicant and the co-loan applicant must have no overdue loans;
  • Monthly loan payments must not exceed 45% of income before tax;
  • Get insurance and pay insurance related fees;
Categories
Mortgage Loan

Eligibility or required documents

  • Loan application /from bank/
  • Identity card;
  • 1% photo of the last 6 months;
  • Description of the residence committee;
  • Marriage certificate;
  • Income and expenditure documents;
  • Copy of purchase agreement/order agreement;
  • Copies of collateral (apartment to be purchased)
  • Proof of payment or ability to pay the down payment
  • Others