Installment loan granted for the finance of Real Estate purchases or home renovations/improvements. Loan terms are governed by CB directives as to Max. amount KD70,000/- and for Max. period of 15 years and The total monthly installment amount (all loans) should not exceed 40% of the borrower net monthly salary for employees and 30% for the pensioners.
Interest is payable monthly on reducing basis calculated at the fixed rate of 3% over CB Discount Rate. The applied interest rate can be revised every five years over the term of the loan to be in line with the prevailing CB discount rate at the end of each five year period of the loan's tenor subject to the condition that the change (increase or decrease) in interest rate should not exceed 2% of the contracted interest rate.
A loan is granted against an irrevocable salary assignment including indemnity from pre-approved employer. (Private sector)Government employees' salary assignment is guaranteed by the Civil Services Commission agreement with banks
Minimum period is 24 months and the maximum is 180 months.
The minimum loan amount is KD 1,000/-, and Maximum KD 70,000/-
Age of borrower is from 21 years to 69 years for Kuwaitis, since the age shouldn’t be exceeding 70 years in the last year of the loan. As for non-Kuwaitis; age is from 21 to 59 years, and the loan should expire before completing the age of 60.
Optional, the borrower to be covered against death claims only, and pays on monthly basis 2% of the loan amount If the borrower does not wish to pay the insurance premium, a personal guarantor should be provided.
Min. salary KD350/- with a Min. of 6 months employment (private sector) & 1-month employment (Public Sector) or 3 months salary payments with other banks, and 1-month salary payment with the Bank
Maximum amount is 15 times the salary for a minimum salary of KD400, or the end of service indemnity with a minimum salary of KD350/- or a Maximum of 15 times salary, plus the indemnity amount for a Minimum salary of KD550/-, in addition of a minimum of 2 years employment, or a Maximum of 15 times salary for a salary of KD2000/-, in addition of a minimum of 5 years employment.
Min. account relationship with Altijari should be 3 months, with no past defaults, otherwise, a personal guarantee is required
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