Mortgage in Kuwait
Home Loans in Kuwait
All human beings have a sacred entitlement to live in a dignified and decent home. It is on this premise that mortgage in Kuwait is a basic financing cuisine on the lending menu of every player in its banking industry.
Understanding mortgage in Kuwait
Mortgage is a loan facility a borrower gets from a bank to give them financial muscle to do one or a combination of the following:
Procure a new home;
Put up a new home; or
Upgrade an existing home.
However, it is a prudent gesture for all potential buyers to factor in these fundamental realities before signing up for a mortgage in Kuwait:
Critically assess and evaluate of the home one intends to procure or renovate and make sure that it has significant future financial value. If it happens that the house does not pass this fundamental test then it is better to abandon the whole project at this stage;
Carry out a critical and analytical comparison of the available mortgage offers from local banks in order to ascertain their interest rates, ease of servicing the mortgage and the actual cost of setting up and financing the mortgage in Kuwait; and
As a common fact, property transactions are sensitive matters that are subject to rigorous government legislations. It will be wise to first sit down with your lawyer and sort out such legal issues.
Eligibility for a mortgage in Kuwait
An applicant ought to be at least 21 years and above ;
An income that is stable enough to service the mortgage; and
A good credit track record.
Required documents for mortgage in Kuwait
Valid proof of applicant’s identity: national ID cards for locals and valid resident visas for expatriates ;
Valid proof of applicant’s residence;
Valid proof of applicant’s age;
Table latest bank statements; and
Table latest salary slips.