Yesterday, Parliamentary Speaker Z.Enkhbold met some senior students from the Construction College, and told them about what Parliament is doing in the bulding sector. The Speaker noted that developing the mortgage system is important for the future growth of the sector. For example: In 1921-1990, only around 100,000 families had apartments. During the last three years, as a result of mortgages, 25,000 families now own their apartments. Also, in 2000-2012, a total of 367,000 square meters of apartments was launched annually. After 2012, following the start of mortgage loans, the annual apartment figure has shot up to 1,322,000 square meter apartments.
During his talk, Mr Enkhbold said: “The mortgage loan has been beneficial to the economy, job creation, domestic manufature and curbing inflation. It is beneficial not only in the building sector. The Constitutional Court, however, has stopped the program, because they consider that the mortgage system contradicts the constitution. You, students, shold not think that mortgages are remote and do not apply to you. Quite the opposite, they are really more significant than you may think. Reducing the mortgage rate is not impossible. This will take place smoothly, as long as the Constitutional Court, the Mongolian People’s Party and the independent MP’s don’t make any trouble. I consider that a 5% mortgage rate will get the “green light”. Why? - because, the draft bill has been submitted by 47 MP’s”.