Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait- Lawmakers endorse new housing draft proposal  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 11/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) The National Assembly Tuesday turned over to the government a draft proposal, the lawmakers approved, allowing a Kuwaiti head of household to borrow from the government-owned Kuwait Credit Bank (KCB) a housing loan even though he had been granted such a loan once before, although current rules allow him to get this kind of loan only once.

The first article of the proposed law says that if a Kuwaiti head of a household gets a government loan from Kuwait Credit Bank to build or buy an existing house, then he sells for some reason this house and pays the loan back to KCB, he should be able to re-register with the Public Authority for Housing for a new loan from KCB to build or buy a house. This privilege however is to be given to him only once, says the draft proposal.

Currently a head of a household who offers to pay back the loan he got from KCB to build or buy an existing house is not given another chance to get yet another loan afterwards. The new draft proposal offers him that second chance, which the government frowns on giving the reason that this would create a situation of inequality among borrowers. Most borrowers borrow once from KCB and use the money only once to build a new house or buy an existing one. State Minister for Housing Affairs Yasser Abul noted today the government's rejection of the draft proposal citing its inequity among borrowers and saying his ministry was dealing with over 110,000 housing applications at this time which merited attention and promising that priority was for those who have never had the opportunity to borrow yet from KCB for their first ever home to live in with their families and who are currently suffering the burden of paying high apartment rents.

Moreover, Lawmaker Rakan Al-Nisf said that the draft proposal was deemed by the constitutional experts at the National Assembly to smack of violating articles 7,8, and 29 of the constitution.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 May 22 2015 - Arab info. ministers agree to promote culture of toleranceKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Arab information ministers' council concluded its 46th session on Thursday with a final statement stressing the important role of mass media in promoting the ...

 May 22 2015 - Kuwait, Peru eye closer diplomatic ties, cooperationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Head of the Kuwait's fourth parliamentary friendship committee MP Yousef Al-Zalzalah met with President of the Congress of the Republic of Peru Ana Maria ...

 May 22 2015 - Kuwaiti-Moroccan ties based on shared values - OfficialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Advisor to Kuwait's Amiri Diwan Mohammad Difullah Sharrar said his country and the Kingdom of Morocco share identical cultural and historical values that formed a ...

 May 22 2015 - Kuwaiti play wins gold at Free Theater FestivalKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Kuwaiti play 'Hawel Marrah Okhra' (Try Again) won the golden award of the 10th Free Theater Festival on Thursday evening.The silver and bronze medals went to ...

 May 22 2015 - Kuwaitis proud of nat'l pavilion at Expo Milan 2015Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The spouse of Kuwait's General Consul in Milan and North Italy, Abdul-Nasser Bou-khaddour, praised here role of the Kuwaiti pavilion organizers in Expo Milan ...

 May 22 2015 - Kuwaiti Jiu Jitsu team participates in West Asia tournamentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's Brazilian Jiu Jitsu team will head to Beirut, Lebanon on Thursday to take part in the three-day West Asia tournament.The Kuwaiti team includes seven ...

 May 22 2015 - Kuwait ranks 4th at Fazza wheelchair basketball tourneyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's national team lost their last game to Morocco's 44-71 at the the Seventh Fazza International Wheelchair Basketball Tournament, Dubai 2015, Wednesday ...

 May 22 2015 - OCA cancels Sri Lanka's hosting of Asian Youth Games 2017Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) President of the Olympic Council of Asia (OCA) Sheikh Ahmad Al-Fahad Al-Sabah announced Thursday that the Council has withdrawn the 3rd Asian Youth Games in 2017 ...

 May 22 2015 - Chinese peacekeeping troops head for LebanonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A new batch of Chinese peacekeeping troops and a 30-member medical team left China for Lebanon Tuesday for peacekeeping mission, state-run China Central ...

 May 22 2015 - Seven airstrikes in Syria, 14 in Iraq target ISIL - coalitionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Coalition military forces continued to attack ISIL, conducting seven airstrikes in Syria and 14 in Iraq, the Combined Joint Task Force announced on Tuesday."In ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help