Economic crisis not only breaking down US and Europe country, also hit Kuwait and another Gulf country.Taufiq Jarrah, head of the Trade markets Complex Company and the Union of real Estate in Kuwait said the effectof the global economic crisis when hit the world in the last third quarter of 2008 are the main causes of stagnation that have hit the Kuwait real estate market. This has frozen the exchange movement due to more supply and less demand in this market.
many owner stopped making building due to this issues, some of the building half done.Unfortunatelly bank also stopped to give home loan. Specially for expatriat loan, ABK bank raises expart salary limit for loan.Bank only received expatriate customers with a salary minimun 500 kd or more. In a tightening of its leading policy, the bank is only considering expatriate customers for a home loan if the earn a minimum 500 kd a month.This is a new lending policies are regularly changed according to market condition.
On November 2008 bank still give loan for expatriate who having salary below 500 kd. As we know who is working in ministry of health as nurse who came in year 2000 or below having very less salary. They are salary beetween 350 kd till 390 for diploma nursing if they are working in special area hospital. Who is working in clinic more less salary. Lucky for bacth who came after that year, they are salary more and more who came the latest.
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