KUWAITIS BORROW AN AVERAGE OF KD 4.6 M EACH DAY ON HOUSING LOANS

  • 16/02/2022

Kuwait City: The average daily amount borrowed from commercial banks by citizens to repair or acquire private dwellings is KD 4.6 million. According to official data released by the Central Bank of Kuwait, the total value of house loans secured by citizens from commercial banks in Kuwait from January 2021 to the end of November 2021 was approximately KD 1.5 billion. 


As of the end of November 2021, the total amount of instalment loans had reached KD 14.2 billion. This is the highest level in a decade, with a 12 percent increase from 12.7 billion at the end of December 2020. Installment loans are long-term personal loans taken out by customers for non-commercial purposes, most notably the renovation or acquisition of a residential home. 

They are payable in monthly instalments for a maximum of 15 years. It is worth noting that the Kuwait Credit Bank provides people with a loan of KD 70,000 to purchase, develop, or modify their own homes. However, the loan amount may be insufficient for many citizens to construct a new home. As a result, they turn to commercial banks for an additional housing loan, which is paid in instalments, in order to finish the construction of their homes.

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