Mortgages

Mortgages are available in amounts up to the equivalent of 50-60% of the value of the property.The rates have now been adjusted by the Governor of the Bank of Israel limiting the banks to giving up to 50% of the value for second home buyers. Check with your lawyer/banker. Please note that appraisers or property valuers are asked by the banks to value properties for quick sale – usually 5% to 10% below market value. The Bank will calculate the amount of mortgage based on a % of the appraised value. You will be asked to provided banker’s references or accountant’s statements with regard to your net worth and to your income during the last two or three financial years to prove your ability to meet the repayments. U.S. Dollar mortgages are currently available on the basis of the LIBOR interest rate plus about 1.5% (this is negotiable). Rates and conditions are negotiable, part of the lawyers function is to arrange a mortgage and they can usually strike the best “deal” for you.

We recommend the Bank of Jerusalem for speedy and efficient services. (They also provide discreet private banking services.)

Bank of Jerusalem
The International Division
Keren Hayesod Street
Jerusalem 92149b
Tel: 972-2-67747777
e-mail: bankjer@netvision.net.il

or

for more personal service

Bank Mizrachi
Menachem Levinski 052-3832379
email: levinskim@umtb.co.il

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