Service Description- This service allows citizens to obtain real estate loan (Portfolio loan) for expanding and restoring of private and government houses. Citizens who already received their real estate loan shares of a maximum amount of (10,000) KD may obtain this loan
Eligibility or Criteria- The Saving and Credit Bank issued Resolution No. 131/2006 on creating Portfolio for financing and restoring private houses, pursuant to Law No. (46) of (2005) and the resolution of the Cabinet No. (81) of (2006). Citizens who meet the following terms and conditions were received at the Bank branches.
- Terms of benefiting from portfolio loan:
- The state of the house must require expansion and restoration works
- The applicant must have already received his loan shares and must not be in debt of real estate loan to the Bank
- A sponsor must attend the procedures, if the total installments exceeds (25%) of the applicant's total salary
- The house must not be rented partially or as a whole
- The real estate must be mortgaged for the loan
- The applicant's (borrower's) share in real estate appraisal or selling added to the amount of the loan must not exceed (200.000) KD. If his share exceeds this amount, the difference is deducted from the loan
- The applicant (borrower) must not be the owner of another real estate or shares in other property of a value exceeding (200.000) KD
- The rest of the terms stated in Regulations governing the Real Estate Loans, that are applicable in the Bank and do not violate portfolio loan terms must be met
- The real estate must have been constructed at least (15) years ago. Owners of properties constructed earlier than (15) years ago have the priority to obtain the loan. This is done according to the following sections:
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- First Section
- Owners of a private or government house constructed (30) years ago may be received for two months before start receiving applicants of the second section Applicants of the second section will be received if the maximum number of borrowers was not reached. The maximum number of loans per year is (2500) loans -
- Second Section
- Owners of a private or government house constructed (25) years ago may be received for two months before start receiving applicants of the third section Applicants of the third section will be received if the maximum number of borrowers was not reached. The maximum number of loans per year is (2500) loans -
- Third Section
- Owners of a private or government house constructed (20) years ago may be received for two months before start receiving applicants of the fourth section. Applicants of the fourth section will be received if the maximum number of borrowers was not reached. The maximum number of loans per year is (2500) loans -
- Fourth Section
- Owners of a private or government house constructed (15) years ago may apply in this section. The maximum number of loans per year is (2500) loans
- Excluded from the time limit term are real estates that are dangerous or were on fire according to an official report approved from the entities concerned and after inspecting the Bank inspects the real estate. The maximum number of the borrowers of the above stated sections may be exceeded, if the loan sums are available -
- Portfolio Loan Controls
- The maximum amount for the portfolio loan is (10,000) KD. The citizens who already received their real estate loan shares may receive portfolio loan provided that they are in debt to the bank for a real estate loan
- Annual administrative charges of (2 %) of the loan amount are collected from the borrower. In order to collect unpaid loans due to compulsory causes, an amount of (2) KD are collected monthly during the loan time. The monthly installment is (90) KD including charges and expenses
- Note: The divorcee or the widow who applies for a real estate loan must have a son who reached (21) years old or older, or a daughter who reached (30) years old or older
Required Documents- Copy of the nationality certificate and the civil ID, for the husband, wife and children
- Copy of the marriage contract
- Marital status document from the Palace of Justice, for divorcees and widows
- Certificate from the Real Estate Registration and Authentication Department in the Ministry of Justice in the name of the husband, wife and children, stating the current and previous relations, and the realization method of the real estates, if sold Copies of the mortgaged title documents and lists stated in the certificate
- 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)
- Detailed salary certificate from the applicant's employer or letter from the Public Institution for Social Security, for the pensioners
- Copy of the civil ID for the father of the borrower, 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
- Copy of the judgment for changing the name, the marriage contract, and all the required certificates in the old and new names, if the forename or surname was changed
- Copy of the document of title for the real estate for which a loan is required
- Copy of the plan for the required expansion and the construction license.
- Note: In case of inheritance, applicants must submit documents and certificates of all heirs without excluding any of the previous requests. Requests from applicants whose salary exceeds (1500) KD will not be accepted
- Real Estate Loans for the Disabled
- Certificate from the Real Estate Registration and Authentication Department in the Ministry of Justice in the name of the husband, wife and children, stating the current and previous relations, and the realization method of the real estates, if sold Copies of the mortgaged title documents and lists stated in the certificate
- Detailed salary certificate from the applicant's employer
- 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)
- Letter from the medical committee attached with the form of the Medical Committee Report from the Supreme Council for the Disabled
- The judgment for changing the name, and all the certificates in the old and new names, if the forename or surname was changed
- Copy of the nationality certificates and civil IDs of the husband, wife and children
- Marital status document from Riggai Court Complex, if the applicant is a divorcee
- Original civil ID for the father of the husband 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
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