Bank of Mongolia (BoM) assumed that it is possible to provide a total of MNT 300 billion this year including approved financing for the mortgage loan budget in 2020. As of April 13, the total outstanding loan reached MNT 4.6 trillion and an overall 97,000 borrowers have applied to the mortgage loans. According to the mortgage debt outstanding, 72,000 borrowers received a total of MNT 3.4 trillion under the sub-program “Construction Sector Support and Housing Price Stabilization”. In line with the declining household income due to the COVID-19 pandemic, BoM decided to allow the above-mentioned borrowers to defer their mortgage payments for six months, which is expected to be approved by the Cabinet. This is one of the measurements to support household income capacity and prevent the quality of bank loans from deteriorating.

Published Date:2020-04-17