Memo sheds light on housing loan disbursements to eligible Kuwaitis
19,168 citizens benefit from approximately KD 666m loans
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KUWAIT CITY, Feb 17: A recent memorandum from the Kuwait Credit Bank (KCB) sheds light on the extensive housing loan disbursements made to eligible citizens in collaboration with the Public Authority for Housing Welfare. These loans, totaling approximately 666 million dinars, have benefited 19,168 citizens and generated revenues of about 109 million dinars for the bank, reports Al- Jarida daily. The memorandum details various categories of housing loans, including government and private vouchers for building, purchases, expansions, and restorations, as well as loans for divorced women, widows, people with disabilities, and grants. Notably, the bank facilitated social loans and documented contracts for the Al-Matlaa area, totaling 5,572 contracts.
However, despite the bank’s efforts, delays in financial payments have been reported, attributed to factors such as delays in engineering examinations, incomplete work, lack of information, and failure to update data. These delays resulted in 370 complaints in 2023, prompting the bank to address issues through increased cooperation with relevant departments, awareness campaigns, and emphasis on data accuracy. Challenges also include delays in documenting contracts, system limitations, and errors in client data. Efforts to streamline processes and enhance customer service are ongoing, including improved communication between clients and engineers during property inspections.
Looking ahead, the bank is preparing its budget for 2023/2024 in coordination with the Public Authority for Housing Welfare. The plan involves distributing government vouchers based on available liquidity, with a target of 6,000 vouchers annually until previous distributions are completed. The budget draft undergoes scrutiny by the Board of Directors before submission to the Ministry of Finance, ensuring alignment with housing welfare objectives and financial feasibility. These measures reflect the bank’s commitment to facilitating housing loans and supporting citizens in achieving their housing needs.
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