All documents related to mortgage more than a time-one months etseslegdene-
What is going normal issuance of mortgage loans? further how mortgage loans continue the approval of the Parliament of future pension fund law? Credit reduced interest? many questions, such as to create expectations among the people. This disclosure of Mongolia has given the following press spokesman G.Bayarmaa public education and information center.
-Bankuud Now gives a mortgage?
On -Parliament to January 19 this year included the change of the civil law, real estate and mortgage laws. This mortgage loan as well as, real estate secured loans in turn composed of the normal duration of the legal framework. Since the start of the program has been implemented 2-by-day, April 16, 2016, have decided to newly requested citizens to 2.28 trillion rate of mortgage loan applications to banks coming 42076 citizens MNT 2.27 trillion mortgage loan for a new take. because the legal framework was back to normal, consisting continue circumstances issuance of mortgage loans.
-Parliament Approved legislation concerning the future of the pension reserve fund. This law is so linked to mortgage. How do you connect?
-Shineer Approved property owners Future Law as a pension fund eight percent interest rate mortgage loan program and its results to the government. over the last 30 months implemented this program, the economy has created new investment MNT 2.4 trillion in assets. This property was transferred, but the long-term pension reserve fund built on the balance of Mongolia, that funds the Parliament considers that the economic and social benefits go to newly granted mortgage loans. That means continuing a mortgage with a new mechanism.
Does it mean that in -Mongolbank program?
-Mongolbank First start this program has been phased program within gurvanjiliin, is transferred to the stage of a mortgage bond pension fund, has planned a program of ownership are transferred to the government. Parliament but also between 2014 and 2015 had a grade decrees ordered the transfer of the government program outstanding. All of these activities are implemented, in Mongolia Under the program. However, BOM control on law described the government's ownership of future pension fund management contract.
Does this mean that -Ireedüin financed by newly issued mortgages, pension fund?
Yes. to say that funds start-up capital of Mongolia consists of assets amounted to 2.4 trillion transferred to the government. This asset consists of an annual 4% return right to claim credit for mortgage-backed bonds and banks. According to the law shall be financed by a new mortgage loan revenue bond principal payment guaranteed mortgages. The income bond interest payments the government will provide advance payment discount. In doing so, to whom and how, and the regulations that the circumstances under which criteria will be applied to the down payment is granted by law to adopt government.
Do laws and started to direct you? Future pension reserve fund starting with the extent of mortgage loan mortgage?
-Bitüünii Approved the final wording of Parliament by law. Law in the coming days is to understand that its enactment will begin immediately implemented. However, the Government will approve the updated written numerous papers, and Mongolia, or issue a new order to apply the law. For example, approval procedures, and contracts approved before, a lot of work to establish agreements and decrees. This process has already started and Mongolia. Mortgage finance procedures, housing is in process of finalizing the draft basic documents such as the General Agreement and finance the transfer of assets and the assets entrusted management contract of mortgage financing. In general plan, expected to go all the documents of a new mechanism etseslegdej, mortgage mortgage for at least 1 more than a month.
Why is -Ireedüin is legislated to administer the Mongol pension reserve fund?
-Mongolbank 6 residential mortgage loan program is considered to have been implemented since 2013 and finance infrastructure and human resources and facilities for the institution. Therefore, it was used once that resources are on the BOM and Treasury Management believes that the government is güitsetgüüliye central bank reformed Parliament. This is consistent with the provisions of the role of Mongolia government financial intermediary referred to in Article 17 of the Central Bank.
-Ipotyekiin interest rates down to five per cent? change in other situations?
-Mongolbank Consumption and imports stimulate support the decline in interest rates. But domestic production and increased jobs, savings growth, export oriented interest rates to support downgrade policies. to provide support in the future. largely based on the decision of a decision to reduce mortgage rates within the monetary policy. Of course, certain calculations, based on the study. Change and area restrictions, reducing interest rates, step by step, without conditions, and when a decision on macro-economic and financial sector impacts on how to implement their decisions in each of the main estimates. As space incremental expansion to support overall demand is expected to improve opportunities aspects of the demand for mortgage loans. But the advance payment of 30% of that parameter is incontrovertible. Will market-value ratio, change in household debt and income ratios as the basic relationship.
What is -Ipotyekiin loan repayment and quality?
-Ipotyekiin Market very well, low risk and positive impact on loan repayment. of residential mortgage loans ratio of non-performing banking system is very low and sustainable level of 0.6% or 0.2% -0.7% over the last 30 months.
-Khüüg What is the total number of households eligible for the new reduced? have made estimates. In general, you affect the increase in housing prices?
Eight percent interest mortgage loans were put into operation programs an average of 4895 new houses every year before the 2013-2015 year was newly introduced 19259 apartment on average. Today, commissioning and borlogdokhod ready 18400 also reported that housing markets. In 2016, newly built 22303 houses. Because of the supply of housing is very well believe that there is no risk of sharp increase housing prices, supporting the demand side. In other words, ensuring full supply of housing demand is savlakhgüi a sharp increase in their prices.
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