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BoM instates new mortgage rules 2016-11-08 16:09

According to a decree issued by the President of the Bank of Mongolia (BoM) on October 25, mortgage lending rules were amended, and the five percent interest mortgage loan programme has been suspended along with annulment of provisionswhich indicated certain locations allowing the programme.
 
Mostmortgage qualification criteria stayed the same, such as up to a 30 year term, no less than 30 percent as down payment and no more than 80 square metres for an apartment.However, the new rules say that only completed and commissioned construction projects can be included in mortgage loans.
 
In addition, commercial banks must finance mortgage loans from their own funds initially in order to be reimbursed by the BoM. Specifically, the central bank will inform each bank about a month's maximum amount of funding for mortgage lending, and then the banks must make their lending decisions in accordance with the information. As for borrowers, they must not have taken out any other preferential loans in order to qualify for a mortgage, because there were many cases in which high-income individuals took advantage of the programme by buying up several apartments with eight percent interest mortgages.

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