Service Description- This service allows citizens to obtain loans for building a private parcel
Eligibility or Criteria- Conditions for obtaining loans for building a private parcel:
- Private dwellings or private parcels are houses built or bought without obtaining loans from the Bank. Loans for expanding and restoring private houses are obtained according to the following criteria
- The paterfamilias must have the Kuwaiti nationality and number of family members must not be less than two (2) Kuwaitis
- The real estate must be owned by the paterfamilias under an official contract and title document
- The real estate must be free of any in-kind guarantees for third parties
- The applicant must be capable of paying the installments due
- The state of the house must require urgent restoration works
- The paterfamilias must not have got a real estate appraisal or sold another real estate for (70.000) KD. The paterfamilias may be considered for receiving the loan, if the realization of the real estate was made (5) years ago or more
- Note: If the paterfamilias owns less than (50%) of another real estate, he may be considered for receiving the loan with the possibility of putting this real estate on mortgage. In application of this term, the real estate is considered owned by the paterfamilias, if it was transmitted either directly or indirectly to his wife or one of his dependant children.
- The house must not be rented
- The applicant must not have obtained the maximum amount for the private house loan. The following applicants can obtain private house loans with a maximum amount of (30,000) KD:
- Applicants who obtained total sum of loans less than the maximum amount may be considered for receiving a loan amount equals the difference between the maximum amount and the sum of loans obtained
- Applicants who sold a private house and have never obtained the loan
- Applicants who sold a private house may be considered for receiving a loan amount equals the paid sum with a maximum amount of (30,000) KD, provided that the house selling price added to the desired loan does not exceed (140.000) KD
- The loan stated in the previous term is received for the purposes of expansion and restoration, or for continuation of construction works and purchase
- The house must have been constructed (10) years ago starting from the date of connecting the electric current, in order to consider its needs for restoration
Required Documents- Copy of the nationality certificate and the civil ID, for the husband, wife and children
- Copy of the marriage contract, provided that the marriage contract have been issued at least (2) years earlier or the family has a child If the wife does not have a Kuwaiti nationality and the family has no children, the marriage period must cover (4) years at least
- A marriage continuity letter from the Palace of Justice, if the family has no children
- Declaration of Divorce or Mukhala'ah (Divorce at instance of wife against compensation) and letter from Legitimate Authentication Department stating the social status
- Certificate from the Real Estate Registration and Authentication Department in the Ministry of Justice in the name of the husband, his wife and children. The certificate must state the current and previous relations, and the realization method of the real estate, if sold. Copies of the mortgaged title documents and lists stated in the certificate The certificate in the new old and new names, if the name was changed
- Appraisal certificate from the Expropriation Department in Kuwait Municipality in the name of the husband, wife and children including their shares in the appraisal (If any) - Nationality and civil ID number The certificates in the old and new names, if the name was changed
- Detailed salary certificate from the applicant's employer, provided that each installment does not exceed (25%) of the applicant's total salary or pension from the Public Institution for Social Security, for employees in the governmental sector
- Detailed salary certificate from the applicant's employer, provided that each installment does not exceed (25%) of the applicant's total salary or contribution in the Public Institution for Social Security, for employees in the governmental sector. The applicant must be employed in one of the following entities:
- Shareholding companies and subsidiaries
- Companies owned or controlled by government entities or organizations
- Closed and limited shareholding companies, provided that the capital of the company is not less than (100.000) KD
- Self employed professions like Engineers, Doctors and Lawyers... etc Employees in the civil sector must meet the following conditions:
- The applicant's employer must undertake that installments will be deduced from the applicant's salary and paid to the Bank, and that no bonuses will be paid till a clearance certificate is submitted
- Applicants must submit approval letter from a commercial bank on deducing the value of the installment from the applicants' accounts, in case no undertaking from the applicants' employer is submitted
- If applicants do not meet conditions in the first term, a sponsor who meets conditions in the fifth term must attend the procedures. If the wife is the sponsor, she must have a share in the ownership of the real estate and the loan
- Applicants who meet the conditions must sign a declaration. If the applicant fails to pay the installments for any reason, legal proceedings shall be brought against him. These proceedings may not be suspended unless a sponsor, undertaking the installment payment, attends and adjustment is reached for the installments due
- Original civil ID of the father and a copy, if he is alive
- Copy of determination of heirs and a certificate from Real Estate Registration and Authentication Department in the Ministry of Justice, if the father is deceased
- Letter from the Public Authority for Housing Welfare on applicant's exclusion from his father's house, in case the house document of title of the deceased father was not issued
- Marital status document from the Palace of Justice and copy of children's civil IDs, for divorcees and widows
- Letter on the cancellation of request (if any) from the Public Authority for Housing Welfare in the name of the husband, his wife and children
- Documents before and after selling the real estate, if a house for limited income people is sold
- Copy of the document of title, provided that the land area is not less than (375) square meters, and the plan and the license issued not later than two years for construction areas not less than (360) square meters
ProceduresVisit the nearest branch of Kuwait Credit Bank (Farwaniya branch, Ahmadi branch, or Jahra branch) and submit the required documents
Fill the service application forms
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