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FREQUENTLY ASKED QUESTIONS


LOANS

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General

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1. What are the requirements for an ABK Loan application?
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To apply for a Loan you would need the following to be present with you:
  • Salary certificate
  • Salary Continues
  • Civil ID
2. What are the minimum & maximum Loan amounts?
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Loan amounts can vary by type:
  • Consumer Loan = from 1,000 KD to 25 times your salary or 25,000 KD (or whichever is less)
  • Housing Loan = from 1,000 KD to 70,000 KD
3. What is an Housing Loan?
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Instalment Loans have the following features:
  • A period of 1 to 15 years
  • An amount of up to 70,000 KD
  • Purposes: Fixed property such as buying a house, land, or building and renovating a house
4. What is a Consumer Loan?
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Consumer Loans have the following features:
  • A period of 1 to 5 years
  • An amount of up to 25,000 KD
  • Purposes: All purpose accepted except the purpose of using the money on local or international stock exchange markets.
5. What is an Auto Loan?
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Auto Loans are consumer loans that are specifically meant to finance the purchase of brand new factory cars directly from showrooms.
6. What is the difference between Consumer and Auto Loans?
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Auto and Consumer Loans are very similar. However, Auto Loans are specific to financing the purchase of new and unused cars from any of ABK’s car agency showrooms.
7. Would there be any fees for late Loan Installment payments?
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There would be Late Fee that varies by Loan type:
  • For Consumer Loans: KD 15
  • For Housing Loans: KD 20
8. What is the grace period for being late, or when would I be considered late for a Loan Installment?
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If a Customer passes the 10 day grace period after their Loan Installment due date then the‎y will be considered as late. For example: if a customer’s installment due date is scheduled for the 20th of every month, then the customer will be considered late on the 1st of subsequent month.
9. How can I apply for a Loan?
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You can simply apply for a Loan by visiting any of our ABK branches. Alternatively, you can contact our Call Centre at Ahlan Ahli 1 899 899 and request for a visit. We will be delighted to send a Sales Representative to the place of your choice and at a time you find convenient to you.
10. Can I ensure my Loan with ABK and how would that work?
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All ABK Loans are automatically ensured.
11. How many days will it take to have my Loan credited to my account?
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It will take from 3 to 5 business days for the Loan to be accredited to your account.
12. Do I have to transfer my salary to ABK to apply for a Loan?
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It is not necessary for you to have your Salary transferred to your ABK account to apply for a Loan. However, you will need to raise an irrevocable standing order from the bank that has Salary Account (the bank that your salary is credited to) to your ABK Saving account with the Loan Installment amount.
13. What is minimum salary requirement for me to apply for a Loan?
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The minimum salary requirement for a Loan application is KD 300.
14. Can I reschedule my Loan?
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Yes you can, as long as you have passed the 30% of the loan period. For example, if the loan period is 10 years, then you can apply for a Loan Reschedule after you have completed 3 out of the 10 years of the loan.
15. What is the difference between a Salary Certificate and a Salary Continues?
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Your Salary certificate will state the amount of your Salary

Salary continues is a proof of employment up to the date of the certificate.
16. Is there an age limit for Loan applications?
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Yes there is a minimum age requirement of 21 years and a maximum of 70 years.
17. What are the required documents to apply for an Housing or Consumer Loan?
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The required documents to apply for either an Housing or a Consumer Loan are:
  • A Salary Certificate.
  • A Continues Salary Certificate.
  • A proof of reason for Housing Loan Application.
  • A valid Civil ID.
18. Is it required for customers to provide invoices as proof of loan purpose for consumer loans?
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No, the customer is not required to provide any invoices
19. Is it required to customers to provide invoices as proof of loan purpose for Installment Loans related to Housing (Home Purchase, Housing Renovation)?
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Yes, the customer must provide the bank with invoices, and if the customer does not comply with providing proof within the specified period of time they will not be granted any new lending facilities.

UAE Mortgage

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18. Are there any processing fees?
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Yes. The processing fee is 1% of the loan amount. Budgeting should be allotted for additional fees such as land registry, administration fees, and broker fees.
19. Does my salary have to be transferred to ABK?
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No, this will be considered on an individual case basis.
20. How much will my down payment be?
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Minimum of 30% of Property Value.
21. What property type can I select?
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All properties must be pre-approved by ABK UAE. The pre-approved list includes the leading UAE developers. Off plan properties will not be considered.
22. Will I be paying my loan in Kuwaiti Dinars or UAE Dirhams?
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Your monthly payments will be calculated and debited from your account in Kuwaiti Dinars and paid in UAE Dirhams.
23. Why is a valuation (evaluation of property) required?
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Two independent valuations of the property are mandatory. The finance amount is calculated by the lender based on the valuation amount provided by the valuators.