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Affordable Housing Finance Program

The Affordable Housing Finance Program was approved as part of the Pricing Stabilization Program and was implemented in 2013 by the Bank of Mongolia in conjunction with the Ministry of Construction (now the Ministry of Construction and Urban Development).

Under the Affordable Housing Finance Program, the Bank of Mongolia extended loans with an interest rate of 4.0% per annum to commercial banks in Mongolia.  Using those loans from the Bank of Mongolia, commercial banks then provided Mongolian citizens with housing mortgages at a subsidized interest rate of 8.0% per annum for a maximum of 20 years (which has since been extended to 30 years) for the purchase of an apartment of up to 80.0 square meters.  These mortgages were then sold to the SPCs established by the Issuer and securitized for the issuance of RMBS to the originating commercial banks.  These originating commercial banks subsequently transfer the senior tranche of each series of RMBS to the Bank of Mongolia as partial payment for loans issued by the Bank of Mongolia to these originating commercial banks to help finance their mortgage origination business

Since June 2013, the following 10 commercial banks participated in the program. These commercial banks recieve 8 +/- 1 percent interest mortgage loan applications.

  1. Arig bank  (Website:
  2. Golomt bank (Website
  3. Capitron bank (Website:
  4. State bank (Website:
  5. Ulaanbaatar City bank (Website:
  6. National investment bank (Website:
  7. Khan bank (Website:
  8. Xacbank (Website: )
  9. Trade and Development bank (Website:
  10. Chinggis khaan bank (Website:

Citizens who meet the following eligibility criteria, are eligible to be granted mortgage loans:

  • "Mortgage loan operational procedure" approved by Resolution No 446 of the Governor of Bank of Mongolia 
  • "Residential mortgage loan financing procedure” approved by Resolution A-295 of the Governor of Bank of Mongolia 
  • MIK internal criteria standards no less stringent than those generally applied by the Originator
"Affordable housing loan finance procedure" of the Government of Mongolia

<p><strong><a href="" target="_blank">&quot;Affordable housing loan finance procedure&quot; approved by the&nbsp;Government of Mongolia&nbsp;&nbsp;</a>-click here&nbsp;</strong></p>

"Procedure of mortgage loan financing" of the BOM