Housing Minister on Mortgage Drafts
The "Housing Financing" decree project approved by the Kuwaiti Cabinet aims to enhance the sustainability of providing decent housing for citizens. The project outlines the eligibility conditions for both subsidized and non-subsidized housing finance, requiring beneficiaries not to have previously benefited from housing care, with repayment of the financing made through monthly installments over up to 25 years. It also clarifies the mechanisms for combining subsidized and non-subsidized financing, as well as the beneficiary’s responsibility for paying interest, while ensuring that granting entities register financing cases and adhere to Central Bank regulations. Additionally, the project authorizes the Kuwaiti Credit Bank to sign contracts and settle the remaining balance in cases of beneficiary default, thereby strengthening the provision and comprehensive organization of housing finance to ensure sustainable housing for citizens.
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