MORTGAGE LOAN
Conditions and terms:
Purchase of private house
|
|
Loan amount |
Term | Down payment | Interest rate |
| Mortgage loan | not exceeding total payable amount of purchasing apartment | 240 months | 20-30% |
Monthly: 1.6-1.8% Annually: 19.2%-21.6% |
| Completing construction of private house | ||||
| up to 1 bln MNT | ||||
| Purchase of ger-area house | up to 15 mln MNT | 120 months | ||
| Completing construction of ger-area house |
Required documents:
- Passport size photo, Notarized copy of Identification card;
- Reference letter from residing district;
- Sale and purchase agreement;
- Evidence of down payment if new house is to be purchased;
- Reference letter from Police department;
- Original documents of collaterals;
- Written consent of co-owners (notarized);
- Loan agreement and other repayment documents of loans granted by other banks and non-banking financial institutions;
- Proof of family and business income;
- Other documents related to business.
Requirements:
- Shall not have any outstanding non-performing loan from other banks and non-banking financial institutions.
- Apartment or private house to be purchased will be utilized only for residential need of family.
- Must have a permanent income (salary, business income etc).
- The apartment and private house for purchase must be chosen beforehand.
