J.Jargalsaikhan: Mortgage market has to develop much more
The General Director of the National Mortgage Corp (NMC), J.Jargalsaikhan, answers our journalist’s questions.
How is the mortgage market developing?
Work began in 2003, and now the Apartment Financing Corp, Ipotek Corp and commercial banks grant loans as part of the Apartment Financing Project of the Asian Development Bank. More laws on assessing value of real estate, and on private sale of mortgages have also been passed, and a comprehensive draft law on mortgages is being prepared.
What does your organization do?
We generally work for the Mongolian National Chamber of Commerce and Industry but hope to do some independent work soon.
What do you think of the Government plans to sell bonds to raise money for the Apartment Financing Corp.?
This will develop the mortgage market, with Government guarantee, but we have to go beyond such basic steps.
Will mortgages bring down the high interests commercial banks charge for apartment loans?
It should, but mortgages cover large amounts of money. Commercial banks cannot develop if they are burdened with large risks.
What can be offered for mortgage, besides apartments?
Land, shares… Mortgage is a wide area.
How is the mortgage market developing?
Work began in 2003, and now the Apartment Financing Corp, Ipotek Corp and commercial banks grant loans as part of the Apartment Financing Project of the Asian Development Bank. More laws on assessing value of real estate, and on private sale of mortgages have also been passed, and a comprehensive draft law on mortgages is being prepared.
What does your organization do?
We generally work for the Mongolian National Chamber of Commerce and Industry but hope to do some independent work soon.
What do you think of the Government plans to sell bonds to raise money for the Apartment Financing Corp.?
This will develop the mortgage market, with Government guarantee, but we have to go beyond such basic steps.
Will mortgages bring down the high interests commercial banks charge for apartment loans?
It should, but mortgages cover large amounts of money. Commercial banks cannot develop if they are burdened with large risks.
What can be offered for mortgage, besides apartments?
Land, shares… Mortgage is a wide area.
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