Mongolian Mortgage Corporation
Mortgage finance company
Mongolia's mortgage finance company, known as MIK: it does not lend to homebuyers itself, but buys mortgage loans issued by commercial banks, securitises them as asset-backed securities and returns liquidity to the banks so they can lend again (Mongolian Mortgage Corporation, mik.mn). MIK says it is the only company with the right to issue asset-backed securities in Mongolia (MIK, mik.mn, IPO report).
The company sits at the centre of the state's subsidised housing loan programme: the Government and the Bank of Mongolia began the 8 percent mortgage programme for low and middle income households in 2013, and the rate for new programme loans was cut to 6 percent from 1 October 2020 (MIK Housing Finance System and the SDGs report; MIK Annual Report 2020).
PEOPLE
B. Gantulga
Chief executive officer - named as CEO of MIK Holding JSC in MIK reporting on a municipal housing memorandum, and as CEO of Mongolian Mortgage Corporation HFC LLC signing an agreement with the Japan Housing Finance Agency (MIK, mik.mn)
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Khashchuluun Chuluundorj
Chairman of the board - listed as Chairman, an independent member, in the board composition elected at the annual general meeting on 29 April 2024 for a three-year term (MIK Holding 2025 Annual Operational Report of the Board of Directors)
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D. Gantugs (Gantugs Damdin)
Earlier chief executive - appointed CEO of MIK Holding JSC and MIK HFC LLC in the programme's early years and named as CEO in MIK reporting on the 8 percent programme (MIK history, mik.mn)
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M. Munkhbaatar
Earlier chairman - named as Chairman of MIK Holding JSC at the time of its initial public offering on the Mongolian Stock Exchange (MIK, mik.mn)
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Uurtsaikhbaatar Battsengel
Board member - listed as a regular board member in the 2025 board report, in his capacity as chief executive officer of Capitron Bank (MIK Holding 2025 Annual Operational Report of the Board of Directors)
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MONEY
Scale of the subsidised programme - DOCUMENTED
MIK reported it had purchased loans totalling MNT 6.9 trillion for 115,346 borrowers under the affordable housing finance programme in place since 2013; 73.8 percent of borrowers bought apartments of up to 60 square metres and the average monthly payment was MNT 550,000 (MIK, Housing Finance System and the SDGs, 2024 report).
The initial public offering - DOCUMENTED
MIK Holding was established as parent company of MIK HFC and transformed into a joint stock company, and raised MNT 37.2 billion through an initial public offering on the Mongolian Stock Exchange, listed as a Tier 1 issuer (MIK company history, mik.mn). At the IPO MIK reported that, as a result of the mortgage programme begun in mid-2013, the company had grown to be valued at MNT 1.9 trillion, with a business valuation of MNT 213.7 billion (MIK, mik.mn).
International bonds - DOCUMENTED
In 2019 MIK raised US$300 million on the international capital market, described by the company as the first mortgage bond of its kind by a private company in Asia, at a 9.75 percent coupon; in March 2021 Mayer Brown reported advising MIK HFC LLC and MIK Holding JSC on a further US$250 million 8.85 percent senior notes issue due 2024, with proceeds to buy back the 2022 notes and to purchase mortgages with recourse (MIK, mik.mn; Mayer Brown, March 2021).
RECORD
Founding in 2006 - DOCUMENTED
On 6 October 2006 the Bank of Mongolia and ten commercial banks - Anod Bank, Golomt Bank, Capital Bank, Capitron Bank, Mongol Post Bank, Khan Bank, XacBank, Trade and Development Bank, Zoos Bank and Ulaanbaatar City Bank among them - met to establish a company to develop the primary and secondary mortgage markets, and founded the Mongolian Mortgage Corporation (MIK history, mik.mn).
First securitisation and the programme launch - DOCUMENTED
MIK settled its first asset-backed security issuance within two years of its founding, obtained a Financial Regulatory Commission licence to issue asset-backed securities and became a housing finance company in 2012, and its MIK Asset One SPC LLC issued an initial residential mortgage-backed security of MNT 322.9 billion on 23 December 2013, the year the 8 percent programme began (MIK history, mik.mn).
Rate cut to 6 percent in 2020 - DOCUMENTED
The Governor of the Bank of Mongolia issued Decree A-392 on 1 October 2020 amending the residential mortgage loan financing procedure and reducing the interest rate on housing mortgage loans under the affordable housing finance programme to 6 percent, applying to new loans (MIK Annual Report 2020).
A filled seal is documented. An open seal is an allegation, source named.
How to read this page. Every line names its source. A line marked ALLEGATION is a claim already published by the named source and already in the public record. Decode Mongolia republishes it as reported, with the source named, and has not verified it. An allegation is not a finding, and nothing on this page is proof of wrongdoing.