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Mortgage repayment rate highest among loans 2016-12-22 13:44

The Minister of Construction and Urban Development, G.Munkhbayar,gave a briefing during a joint meeting of the parliamentary Standing Committee on the Economy and Budgeton implementation of the mortgage loan programme, current state of the construction sector and current key issues on December 20, 2016.
 
The minister noted that total investment in the sector in 2008 was 2.5 percent of GDP, while this has nearly doubled to 4.7 percent in 2015, with foreign direct investment (FDI) accounting for close to half of the money invested. Along with investment from the state budget, investment in the sector was MNT 3.8 billion in 2008,whereas it increased to over MNT 100 billion in 2015.
 
In addition, a total of 770 manufacturers are operating in production of construction materials,adhering to 1255 norms and standards nationwide. About 5,500 enterprises own licences to conduct constriction activity and 4,700 of the enterprises are actually engaged in construction, 572 in design and 162 in lifting facilities.Furthermore, the sector employs 95,685 people, noted the minister.
 
He also provided information about the mortgage loan programme. Currently, loans of MNT four trillion were provided to a total of 88,000 households through financing by the Bank of Mongolia (BoM). As for the past October, 672 citizens newly received this state-subsidised loan from commercial banks, because the BoM is continuing mortgage lending with MNT 30-35 billion in financing per month, which means an average of 600 households are to be newly involved in mortgage loans per month. Mortgage loans have the highest rate of repayment, with non-performing mortgage loans accounting for 1.2 percent for all commercial banks combined. Therefore, expanding sources of financing is a goal in order to improve access to the loan programme in the future.

At the end of his briefing, the Minister G.Munkbayaralso touched on the rental housing programme,saying that the unutilised rental apartments out of the 725 state rental apartments in the capital have too great a floor area (in terms of square metres), and adding that steps will be taken to address this issue. 

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