8(+-1)% MORTGAGE

LOAN TERMS:

  • Up to 80 sq. m sized apartments
  • Down payment - 30%
  • Interest rate/annual/- 6%
  • Loan period - 360 months

REQUIREMENTS FOR AN APARTMENT:

  • For living purposes;
  • Issued the Apartment Ownership Certificate (Real Estate Certificate);
  • No third party claims against proprietorship rights of the apartment.

REQUIREMENTS FOR THE LOAN APPLICANT

  • Above 18 years of age, legally eligible, citizen of Mongolia;
  • No bad record of overdue, bad loans from financial institutions, or debts payable in accordance with court resolution for the past 6 months;
  • None of family members has outstanding loans from the state loan program for public servants;
  • Ratio of debts to pre-tax income is 45% ( including monthly payment of consumption and business loans);
  • Consistent business and salary income;
  • Stable continuous employment or business activities for the past one year;
  • Accumulated down payment or ready to pledge an apartment of own proprietorship for the amount of the down payment;
  • To be not more than 65 years of age upon expiry of the loan terms;
  • Covered with life and property insurance.

REQUIRED DOCUMENTS:

  • Notarized ID copy of the applicant;
  • 1 passport-size photo; 
  • Marriage certificate, if applicable;
  • Residential Reference;
  • Employee reference letter;
  • Social Insurance book;
  • Copy of employment contract;
  • Business owners to submit documents related to their business operations;
  • Documents showing an applicant’s capacity to pay off stated down payment;
  • For newly built apartments, receipt of down payment transaction and reservation contract of the apartment;
  • For previously used apartments, Certificate of ownership, apartment purchase agreement and reference letter;
  • State Registry Office References on whether any family member has ownership right immovable property;
  • Other.

* Both main applicant and co-applicant should complete the same documents.

REQUIRED DOCUMENTS FOR LOAN TRANSFER:

  • Loan transfer application form;
  • Documents to evidence income and revenues;
  • Notarized copies of ID card, ;
  • Reference letter from Taxation Authorities on outstanding tax payables of economic entities and businesspersons. 

 

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