Home buyers to get MNT 1 million each from Mongolian government

The Government is implementing an ambitious program to build 100,000 new housing units in the capital. An apartment block with 15,000 units is already under construction on Yarmag hill. To make owning a home easier, the Government says it will pay MNT 1 million toward the purchase of a new housing unit. The money will be paid directly to the company building the home, and home buyers will still need to make a down payment. Our correspondent spoke with Ts. Gankhuu of the Land and Geodesy Authority. 

- What is required for a citizen to obtain the MNT 1 million transfer from the Human Development Fund to the construction company?

- The National Committee headed by the first deputy prime minister is to monitor the 100,000 homes program. The Committee developed rules for issuing MNT 1 million via the Human Development Fund to a citizen who wants to own a home. Citizens who are interested in the program should ask district or khoroo officials to order them a home in the 100,000 homes program. After the request is considered by aimag or city authorities, the Social Welfare Authority and the Apartment Finance Corporation will transfer the MNT 1 million from the Human Development Fund to a construction company. 

- The 100,000 homes program is still not completed. What if a citizen would like to get a loan from a commercial bank to buy a home now?

- Citizens who take out loans from commercial banks can also be involved in this program. By providing citizens with comfortable homes, the Government hopes to reduce air pollution in the city. 

- Even MNT 1 million is not enough money to buy a new home. Is it possible for family members to join together and each use their MNT 1 million to buy a home?  

- It is possible. How many people could pool their shares to buy a home is a family matter.

- Demand for homes is increasing rapidly. Will the 100,000 homes program be enough? Won’t some citizens be left out?

- Currently 24,600 homes are being built in Ulaanbaatar. Over 20,000 new homes are expected to be built every year. We are doing our best to meet the needs and demands.
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