Kuwaitis Borrow Kd 4.6 Million On Average Every Day For Housing

 

Almost KD 4.6 million is the average amount borrowed daily by citizens from commercial banks for repair or purchase of private houses, according to Al-Anba. Throughout January 2021 to the end of November 2021, Kuwaiti citizens obtained housing loans from commercial banks worth about KD 1.5 billion, as reported by the Central Bank of Kuwait.

As of November 20, 2021, KD 14.2 billion had been borrowed in installment loans. In comparison to December 2020, when the number will rise to 12.7 billion, this is the highest level over the past decade. Loans for installments, such as those used for home repairs and home purchases, can be long-term personal loans used for non-commercial purposes.

A maximum of 15 years is allowed to repay them in monthly installments. Those who wish to purchase, construct or renovate their own house can receive a loan from Kuwait Credit Bank of KD 70,000 each. Many citizens, however, will not be able to afford this loan amount when constructing a new home. In order to complete the construction of their houses, they get additional housing loans from commercial banks. These loans are paid in installments.

 

 

 

 

 

SOURCE  ARABTIMES

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