Average Housing Loan Kd 6.3 M/day

According to official statistics based on data issued by the Central Bank of Kuwait, the daily average amount of housing loans obtained by Kuwaiti citizens from commercial banks in Kuwait during the month of August, excluding the loans granted by the Credit Bank (which totals about KD 196 million), is KD 6.3 million per loan, reports Al-Anba daily.

The total installment loans reached KD 13.64 billion, which is the highest level throughout the past decade. These are longterm personal loans that the customers use for non-commercial purposes, particularly for the repair or purchase of private housing. They are paid in monthly installments within a period not exceeding 15 years. Since the beginning of this year, the value of housing loans obtained by citizens from traditional banks reached the level of KD 1 billion. They received about KD 936 million during the first eight months of this year. It is worth noting that the Kuwait Credit Bank grants citizens a loan of KD 70,000 to buy, build or renovate their own houses. However, the value of this loan may be insufficient for many citizens to build a new house.

 

 

SOURCE  ARABTIMES

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