REFINANCE HOME LOAN in KUWAIT

This information just for new camer who is recently came to Kuwait. As we knew, if you are expatriat even you have higher salary or high position but you cant buy any property in Kuwait except if you married with nationality Kuwaity.If you bring your family you can rent house only eventhough many years you stayed there.

But you can still refinance your house in your country, the money you can loan from any bank in Kuwait like BKME, NBK bank, Al ahli Bank Kuwait etc.When you aply the form they will ask you for what that loan, you can answer correctly,no need to tell lie.

There is many reason why we need to refinance home loans. One of the most common reasons is the much lower interest rates. Another reasonare to pay off exorbitant credits card, for home improvement purpose and the last one rebuilding of bad credit score.Thats all is point to consider before you have done.

GLOBAL FINANCE

Here list of global finance names the world 50 safest bank 2009

1. kfw (Germany)
2. Caisse des Depots et Consiggnations ( CDC),France
3. Bank Nederlands Gemeenten (BNG), netherlands
4. Landwirstchaftliche Rentenbank, Germany
5. Rabobank, Netherlands
6. Landeskreditbank Baden-wuerttemberg Foerderbank, Germany
7. NRW Bank, Germany
8. BNP Paribas, France
9. Banco Santander, Spain
10. Royal Bank of Canada, Canada
11. National Australia Bank, Australia
12. Commonwealth Bank of Australia, Australia.
13. Banco Bilbao Vizcaya Argentaria ( BBVA), Spain
14. Toronto-Dominion Bank, Canada
15. Australia & New Zealand Banking Group, Australia
16. Westpac Banking Corporation, Australia
17. Banco Espanol de Credito S.A ( Banesto ), Spain
18. ASB Bank Limited, New Zealand
19. HSBC, United Kingdom
20. CREDIT agriccle, France
    
21. Wells Fargo, United states.
22. Nordea Bank, Sweden
23. Scotiabank, Canada
24. La Caxia, Spain,
25. Svenska Handelsbanken, Sweden
26. US Bancorp, United States
27. Banco Popular Espanol, Spain
28. DBS Bank, Singapore
29. Pohjola Bank, Finland
30. Deutsche Bank, Germany
31. Societe Generale, France
32. Intesa Sanpaolo, Italy
33. Bank of Montreal, Canada
34. DnB Nor Bank, Norway
35. The Bank of New York Mellon, United States
36. Caxia Geral de Depositos, Portugal
37. United Overseas Bank, Singapore
38. OCBC, Singapore
39. Axa Bank Europe, Belgium
40. Credit Suisse Group, Switzerland
41. Landesbank Baden Wuerttemberg, Germany
42. Nationwide Building Society, UK
43. CIBC, Canada
44. National Bank of Kuwait, Kuwait
    
45. Barclays, Uk
46. UBS, Switzerland
47. JPMorgan Chase, US
48. Bank of Tokyo - Mitsubishi UFJ, Japan
49. Banque Federative du Credit Mutuel ( BFCM), France
50. Credit Industriel et Commercial ( CIC), france
    
51. 
    

HOW TO GET LOAN in ABK

Many people came to Kuwait to get job as driver,nurses, docter, lab people, dentist, dietition, US military and another job . They came here to earn some money.If you are working here , you can get loan from bank. They need only your salary sertificate,civil ID. And in 24 hour they will approve your request. They will give you loan maximun 45 time from your salary, also the interest is low, only 7,5 %.

REFINANCING MORTGAGE

A mortgage is the transfer of an interest in property to a lender as a security for a debt, usually a loan of money.Before refinancing investigate diverse loans, finding the finest loan with the most investment should be main goal. Customers should want between and adjustable rate and fixed rate mortgage. Even though mortgage loan interest have begin to rise.Some customers continue to receive the benefits of mortgage refinancing loan to save the wealth.

The advantage when you refinance loan is that you can reduce the number of debts to be managed, from several accounts to just one — the new refinance mortgage. In addition, you can have all your consumer debts now attracting high interest rates become part of the new mortgage and be charged at the lower home loan rate.

The disadvantage when you refinance mortgage is that your home loan repayments will get bigger along with any recent rise in home loan rates or interest rates in general. In times when more rate rises are likely, the refinance loan option may add to mortgage stress.

One other downside is that you will have to pay interest over a longer period of time. A mortgage may last up to 40 years, so more interest will be charged on your original debt in the long run.

Steps to Refinance Mortgage
It is very easy to refinance mortgage, especially when you already have substantial equity in your home.

1. Contact your mortgage lender or mortgage broker.

If you really want assistance to find the most favourable home loan rate, a mortgage broker you trust may be more helpful. Mortgage brokers usually have information on the applicable rates and terms for refinance loan arrangements from various lenders. If you still want to work with your existing mortgage lender, it is to your advantage to get an idea of refinance mortgage rates before you sit down to negotiate with your lender.

2. Apply to refinance loan.

Once your mortgage broker has found a suitable lender, or you are ready to talk with your existing lender, you can proceed to apply for the new mortgage. Borrow only what you will need; remember, you could lose your home if you borrow too much and later on default on the refinance mortgage repayments. Don’t forget to include supporting documentation that is required in the application.

3. Await lender’s action.

The lender will evaluate your application and (hopefully) approve the loan. They will also prepare the documentation for the loan.

4. Arrange for settlement of fees and charges for the refinance loan and the drawdown.

Costs of Refinance

When you refinance mortgage, you are terminating your current mortgage earlier than scheduled and replacing it with a new one. You will thus have to consider exit fees, early repayment charges on the existing loan and/or discharge fees on the existing mortgage.

The other charges you had to pay when you first took out your mortgage will have to be paid again. So you must consider the costs for lender’s application and settlement fees, lender’s mortgage insurance, property valuation fees, registration of the new mortgage, and stamp duty (where applicable).

If the savings you expect from mortgage refinancing will exceed the costs associated with it, including the exit fees, then it will make sense to refinance loan. While it may be desirable, or even necessary, to refinance mortgage in some situations, do remember to work out the figures. Your mortgage broker can help you weigh the decision. Failure to do so may cost you more over time.

ABK BANK RAISES EXPART SALARY LIMIT FOR LOAN

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.