Residential property secured consumer loan
Residential property secured consumer loan is a consumer loan designed for borrower’s household and other needs and is backed by borrower’s future cash flow and value of the pledged property owned by the borrower.
Loan terms:
Maximum loan size: Up to 50% of FMV of the pledged apartment/private house/ “khashaa baishin”;
or
Apartment secured loan
Up to MNT 30,000,000 /for UB/ and MNT 15,000,000 / for rural areas /
Private house secured loan
Up to MNT 20,000,000 /for UB/ and MNT 7,000,000 / for rural areas /
“Khashaa baishin” secured loan
Up to MNT 10,000,000 /for UB/ and MNT 3,000,000 / for rural areas /
Interest rate: 2.2%-2.0% (26.4%-24.0% per annum)
Loan tenor: Up to 24 months
Fees and commissions:
Loan application fee: MNT 5,000
Loan acceptance fee: 1% of the amount disbursed
Requirements for borrowers:
- Regular monthly income /salary or other source of income/;
- If borrower has salary income, steady employment of for the past 1 year at a private or public institution is required;
- If the borrower generates business revenue, steady business operation for the past 1 year in the field is required;
- The borrower should reside or carry out business operation in an area of operation of bank branch;
- Apartment, private house or “khashaa baishin” should meet the bank requirements
- Other
Documentation
- 1 full-face photo, notarized copy of ID;
- Proof of residence issued by local governor’s office;
- Original copies of documents of all collateral assets /real estate title certificate (applicable to a pledge of apartment); real estate title certificate plus original copy if cadastre drawing (applicable to private house and “khashaa baishin”
- Detailed inquiry on real estate title obtained from Real Estate Title Registration Office;
- Written consent of co-owner(s);
- Documents evidencing income;
- Operating licenses and permits;
- Other necessary documents;
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