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Mongolia cuts interest rate of housing mortgage loans to 6 pct

Xinhua News,ULAN BATOR
2020-10-16 13:28

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ULAN BATOR, Oct. 16 (Xinhua) -- Mongolia has lowered the interest rate of housing mortgage loans from 8 percent to 6 percent, Minister of Construction and Urban Development Begzjav Munkhbaatar announced Friday.

Housing mortgage loans with an interest rate of 6 percent started to be issued via commercial banks Friday. The reduction in the interest rate "is aimed at helping more residents of ger districts have access to houses," Munkhbaatar said in a statement.

The monthly income of a household applying for a housing mortgage loan must be at least 1 million Mongolian tugriks (350 U.S. dollars), according to the minister.

Housing is one of the most pressing issues in Mongolia's capital Ulan Bator, which is home to over half of Mongolia's 3.2 million population.

More than half of the capital's population live in the city's ger districts, with no running water, central heating or sewerage systems.
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