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FINANCIAL NEWS
Kuwaiti banks ask for fixing home loans market
19 Jun 2011
(MENAFN) In order to open up Kuwait’s underserved house loans market, some banks in the country started to call for renovation in the mortgage regulations, according to a commercial bank, reported Arabian Business.
The bank added that conventional banks in Kuwait were upset and began to increase pressure on the government since mortgage loans formed a huge problem in the country; moreover, Islamic banks offered home financing packages unlike conventional ones.
It also said that since the Kuwaiti government banned companies from investing in real estate in order to curb inflation and restricted foreign ownership of assets, property prices in the country fell around 30 percent. Furthermore, the shortage in mortgage options left many Kuwaitis struggling to secure financing in order to buy their own home
It is worth noting that a government lending plan offered first time buyers a loan of USD254,684 and many nationals apply for a 15 year personal loan for another USD254,684.
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