KUWAITIS BORROW 4.6 MILLION DINARS PER DAY TO BUY AND RESTORE HOUSING

  • 08/01/2022

Kuwait City: Citizens borrowed an average of 4.6 million dinars per day from commercial banks to renovate or purchase residential dwellings. According to the data, Kuwaiti people got roughly 1.5 billion dinars in house loans from commercial banks between January and the end of November 2021. 


According to data released by Kuwait's Central Bank, total instalment loans reached 14.2 billion dinars at the end of November, the highest level in the past decade, representing a 12 percent increase over the level of 12.7 billion dinars at the end of December 2020.

 Installment loans are long-term personal loans that are payable in monthly payments over a period of not more than 15 years and are used for non-commercial reasons, such as the renovation or acquisition of private dwellings.

It's worth noting that the Kuwait Credit Bank provides individuals with a loan of 70,000 dinars to buy, build, or modify their own homes; nevertheless, the value of this loan may be insufficient for many citizens to build a new home, so many turn to commercial banks for a second housing loan. In order to complete the house's construction, payments must be made in instalments.

Related News

Shifa Al Jazeera Medical Group to Host Shifa Excellence Awar ...
  • 08/02/2025
Kuwait Bans Water Pistols and Balloons
  • 07/02/2025
Kuwait Tops Global Hunger Index 2024 as Least Hungry Country
  • 04/02/2025
MoI: Implementation of new traffic fines on April 22
  • 04/02/2025
Kuwait Council of Ministers Holds Weekly Meeting at Bayan Pa ...
  • 04/02/2025
Kuwait population increases every 5 minutes
  • 03/02/2025
Kuwait Stabilizes Market Ahead of Ramadan
  • 29/01/2025
Kuwait Arrests Egyptian Expat for Forging Medical Documents
  • 29/01/2025
Kuwait Ministry of Education Cuts School Bag Weight by 50%
  • 27/01/2025
Security campaigns in Jleeb and Ahmadi
  • 27/01/2025
Kuwait introduces new housing standards for workers
  • 26/01/2025
2 Young Men Killed in Saad Al-Abdullah Car Crash
  • 26/01/2025