Mortgage loans worth MNT 355 billion disbursedEconomy
Ulaanbaatar/MONTSAME/. In the first seven months of this year, about 4.5 thousand borrowers received mortgage loans worth about MNT 355 billion through the funding sources of the Bank of Mongolia and commercial banks. In addition, mortgages worth MNT 71.7 billion are being disbursed in August this year, reported the Bank of Mongolia. Last year, 13.5 thousand borrowers were given mortgage loans worth MNT 1 trillion in total.
With a view to alleviate the financial hardship posed by COVID-19 pandemic, the mortgage repayment deferrals have been made five times between April, 2020 and the end of 2022 according to the Law on Prevention, Combat, and Mitigation of Social and Economic Impacts of the COVID-19. For the last or fifth deferrals on mortgage repayment, commercial banks allowed to postpone the repayment of 63,171 borrowers in total based on their requests.