Last week, the Government approved the revised ruling regarding the 5% mortgage and decided that the mortgages should be provided. Accordingly, the initial work to implement the mortgages from 15th March is underway.
According to the Governmental ruling, the 2000 apartments which are being built under Ulaanbaatar City Administration’s “Apartment Program for the Ger Districts” will benefit from the 5% mortgage programme. Three ger-districts in Nalaikh, Baganuur and Bagakhangai are planned under the re-development program. Outside of UB, a total of 1000 apartments are to be built across the provinces. These too will be under the 5% mortgage scheme.