Latest News
- Kuwait Customs Seized 2 Containers Laden With Tobacco At Shuwaik...
- Unpaid Salaries, Accountant Beaten Up By Workers
- The Sahel App Was Not Hacked, A Spokesman Claims
- Four Expats Arrested For Stealing Copper Cables Worth 60,000 Din...
- Indian National Died In Abdalli Car Accident
- Work Permits And Foreign Worker Transfers Are Amended By PAM
- Kuwait Weekend Temperatures Will Hit 39 Degrees
- In Just Two Years, The Civil Service Bureau Sees A Surge Of 10,0...
- Kuwait's Commitment To Combat Human Trafficking
- Kuwait's Announces Modernizing Renewable Energy Update
- Kuwait Society Of Engineers And Indian Embassy Address Engineer...
- IMF And World Bank Align On Kuwait's Economic Growth
Few Banks Stopped Giving Installment Loans To Expatriates
The new banking regulations forced some banks to stop giving installment loans worth KD 70,000 to expatriates, and restricted their financial transactions for car loans and other consumable commodities, although no instructions were given specifically regarding the issue, reports Al-Rai daily.
The daily quoting sources said the Central Bank has specified the maximum ceiling for consumable loans at KD 15,000 in order that the total monthly deductions will not exceed 40 percent of the loanee’s salary. They explained the State’s banking policies and regulations don’t make a distinction between a citizen and an expatriate, but installment loans are set aside for a stable private housing system inside Kuwait and it cannot be commercialized in real estate or investment.
Therefore, expatriates will not be able to obtain housing loans since real estate ownership is not accessible to expatriates. “Throughout the years, the banks were giving installment loans to expatriates to spend it the way they wanted based on their commitment to pay back.
The system was possible because the customer was not required to bring any bill or provide evidence for the purpose of obtaining the loan, but the customer since last Oct is required to provide receipts of the items purchased within six months, so the banks stopped giving installment loans to expatriates.
Source - Arab Times
Trending News
-
Eid Al Fitr 2024: Crescent Moon Not Sighted In Sau...
08 April 2024
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
When Will Eid Al Fitr 2024 Take Place In Qatar, Ba...
08 April 2024
-
On Sunday, The Meteorological Department Warns Of...
07 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Winners Of Kuwait National Assembly 2024 Elections
06 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
Comments Post Comment