(MENAFN) Minister of Construction and Urban Development Begzjav Munkhbaatar declared on Friday, October 16Mongolia has cut the interest ratio of home credit loans from 8 percent to 6 percent.
Home credit loans with an interest ratio of 6 percent began to be subjected via commercial banks on Friday, October 16. The decrease in the interest rate "is aimed at helping more residents of ger districts have access to houses," Munkhbaatar stated in a report.
According to the minister, the monthly profits of a family applying for a home credit loan must be no less than 1 million Mongolian tugriks (USD350).
Home is one of the most pressing matters in Mongolia's capital Ulan Bator, which is home to over half of Mongolia's 3.2 million population.
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