Buying a home in today’s dreadful economic condition has become a dream that has a very low chance of coming true. If you go for a mortgage, the hike in interest rates will chew you up.
In this Era many people are migrating from one country to another and one of the main reasons is “Terrorism” this is also a reason that prices of properties hiking in all around the world. Maybe this is why the Kuwait Government has banned visit and family visas of Syria, Lebanon, Yemen, Iran, Pakistan and Afghanistan. Kuwait is one of the developing states of the Middle East. It may not have developed to the level of Dubai but it has potential. Kuwait is the one of top ten OIL producing countries in the world and maybe this is the reason that the currency of Kuwait is being increased day by day. Before some time there was a rule in Kuwait that expatriates cannot buy properties but this rule has been changed and now expatriates can buy property in Kuwait but there are some conditions to follow.
Good News for Citizens of Kuwait
The Kuwaiti government has ratified a tranche of measures aimed at providing better access to home loans for Kuwaiti citizens. Here are some details of Kuwaiti funds. Home loans for women living in the Gulf State have been increased to KWD 70,000 (US$246,000) from KWD 45,000; while citizens can now borrow anywhere between KWD 5,000 to KWD 35,000 for home renovation. It is a far cry from what it used to be in the past.
The government has also instructed the Credit and Saving Banks to amend its policies and increase the ceiling of mortgage loans from KWD 300,000 to KWD 500,000.
Living cost was a key issue in the wave of political conflict that swept Bahrain and other Arab States last year. The Arab Spring cost leaders in Tunisia, Egypt and Libya to fall, and lead to widespread convulsions across the Gulf. Because of high prices of properties in MENA region many people are not able to purchase houses.
Who should we contact for good financial advice!
Finding the company, bank or institute for financial advice is often a difficult and confusing task. The sheer volume of solutions offered and available can leave most in the mireIn such a state, checking out the government affiliated services or looking the reputable Kuwait Financial Investment Companies is the best practice.
Kuwait Government took a good financial step to help citizen