Conditions for obtaining a mortgage from Kuwait Credit Bank

yousef21 May 2022Last Update : 2 years ago
Conditions for obtaining a mortgage from Kuwait Credit Bank

The Economy website presents the conditions for obtaining a mortgage from the Kuwait Credit Bank.

The Bank offers a loan of no more than (70,000 Kuwaiti Dinars) to buy a house, a ownership apartment, or a communal house, or to build a governmental or private plot, or on the commons, for the beneficiaries of housing care.

Mortgage loan terms

government or private vouchers

The plot area to be built shall not be less than 375 m2. With the exception of plots and government houses, which were demolished and not subjected to sorting.

The plot to be built must be registered in the name of the loan applicant with an independent document and free of any in-kind insurances for others, with the exception of government vouchers that the state allocates to those entitled to permanent housing care.

Building a voucher system of separated units on the common

The common boundary between the two buildings shall be structurally and architecturally separated according to the plan and the license, as well as for services (electricity, water and sewage).
That both units overlook a service street.
The value of the last three payments has been reserved until it is confirmed that the chapter is structurally completed.
To issue a separate document free of any in-kind security for third parties with a mortgage on the common share.

black skeleton

It is treated as building a special voucher, provided that no more than two years have passed since the issuance of the license, and this provision does not apply to the finishing stage.
Loans on the remaining works as revealed by the engineer.

He considers lending him the remaining balance in the future, according to the needs of the house.

Demolition and rebuilding of a private residence or someone who demolished his property before applying to the bank

The duration of his ownership of the property must not exceed five years when applying for the loan to the bank.
Bring a letter from the Kuwait Municipality stating that the construction condition of the house is (destroyed or dangerous) in addition to a certificate of property descriptions in case of non-demolition.

A report from the bank showing the condition of the house in the absence of demolition.
In the case of a request to demolish the house, 25 calendar years have passed since its construction. In the event that it is demolished before applying to the bank, 35 years must have passed since the house was built, and the period is calculated from the date of electricity delivery until the date of demolition.

Demolition and rebuilding of the mortgaged property

Paying the full balance of the indebtedness or thirty thousand dinars, whichever is less, shall be raised as a liability, and shall be spent on the last stages of construction.

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