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MENAFN - Kuwait News Agency (KUNA) - 11/06/2014
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(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.

 






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