An Overview Of The Housing Loans Disbursed By The Kuwait Central Bank To Eligible Kuwaitis

A recent memorandum from the Kuwait Credit Bank sheds light on the substantial housing loan disbursements extended to eligible citizens in collaboration with the Public Authority for Housing Welfare. These loans, amounting to approximately 666 million dinars, have benefited 19,168 citizens, while generating revenues of about 109 million dinars for the bank.

The memorandum delineates various categories of housing loans, encompassing government and private vouchers for construction, purchases, expansions, and renovations, as well as specialized loans for divorced women, widows, individuals with disabilities, and grants. Notably, the bank facilitated social loans and documented contracts for the Al-Matlaa area, totaling 5,572 contracts, as reported by Al-Jarida daily.

Despite the bank's proactive measures, instances of delays in financial disbursements have been reported, attributed to factors such as delays in engineering assessments, incomplete work, data inaccuracies, and failure to update information. These delays prompted 370 complaints in 2023, prompting the bank to address issues through enhanced cooperation with relevant departments, awareness campaigns, and a focus on data precision.

Challenges also encompass delays in contract documentation, system constraints, and discrepancies in client information. Ongoing efforts to streamline processes and improve customer service include enhanced communication between clients and engineers during property inspections.

Looking ahead, the bank is formulating its budget for 2023/2024 in coordination with the Public Authority for Housing Welfare. The plan involves the distribution of government vouchers based on available liquidity, with a goal of issuing 6,000 vouchers annually until previous distributions are fulfilled.

The budget proposal undergoes thorough scrutiny by the Board of Directors before submission to the Ministry of Finance, ensuring alignment with housing welfare objectives and financial viability. These measures underscore the bank's commitment to facilitating housing loans and supporting citizens in fulfilling their housing requirements.

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