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Banks defer repayment of 55,676 mortgages www.montsame.mn
Ulaanbaatar /MONTSAME/. With a view to alleviate financial hardship posed by COVID-19 pandemic on businesses and individuals, government of Mongolia and Bank of Mongolia allowed commercial banks to make deferrals on mortgage loan repayment and their interests from April 2020 until October 2020 and then again from November 2020 to July 2021.
According to the central bank of Mongolia, 55,676 mortgages were deferred, totaling MNT 2.9 trillion until July 1, 2021. Around 80 percent or 55,741 of a total of 77,147 borrowers with mortgage debt outstanding have submitted their requests for the deferral since November 2020.
During the period of 7 months until July 2021, a total of MNT 227 billion of repayment has been postponed, including MNT 86 billion as principal payment and MNT 141 billion as interest payment.
Published Date:2021-03-15
