Mortgages in Israel
|Maximum LTV ratio||50% (for residents: 75%)|
|Minimum and maximum loan amounts||—|
|Loan term||Up to 30 years|
|Minimum age of borrower||18|
|Maximum age of borrower by the end
of the loan term
|Not defined (depends on the terms
of each bank)
|Maximum percentage of monthly income
Prospective borrowers need to submit the following documents to Israeli banks:
- guarantors' passports (if needed)
- tax returns for the two previous years proving annual income
- extract from the Land Register (issued no less than six weeks in advance)
- property documents.
All the papers must be drawn up in Hebrew or English and notarised.
Loan applications usually take
Additional mortgage costs in Israel typically don’t exceed 1,000 Israeli New Shekels (ILS*) ($300).
|Property appraisal and Due Diligence||About 600 shekels|
|Borrower's life and property insurance||Several hundred shekels
(depends on individual terms)
|Mortgage arrangement fee||Several dozen shekels|
*1ILS=0.26 USD (as of early December 2016)