General Information
The bank of Jerusalem's International Private Banking Branch is proud to present the highlights of its foreign currency mortgage loan program for Foreign Residents and Israelis with foreign currency income.
| Currency |
Multiple currencies available, including (but not limited to)
USD
GBP
EUR
CHF
YEN
CAD
NIS
Other currencies available upon request and bank approval
|
| Amount |
Minimum loan is $75,000
Generally not to exceed 50% LTV of the purchase price or appraised value of the property. |
| Loan period | Up to 20 years |
| Repayment terms | - Quarterly payments - Equal principal payments and interest on balance of unpaid principal - Equal quarterly payments - Possibility of tailoring repayment schedule to specific needs, based on prior approval |
| Interest rate | Attractive variable interest rate linked to the 3 months Libor (London Inter-Bank Offered Rate). |
| Insurance | Property and life insurance (for those under the age of 75) are mandatory. The borrower can provide an endorsed policy issued in Israel of such insurance, subject to the Bank’s satisfaction. |
| Initiation Fees | 0.25% of mortgage amount limited by law to NIS 10,000. |
| Prepayment privileges | Early repayment, (10% or more of the loan's outstanding value) with no prepayment penalty, subject to advance written notice of 10 days. |
| Loan Disbursement | Bank's participation (funding) represents the final payment of the purchase transaction. |
| Process | In order to process the application quickly, and provide you with a swift approval, we require the following information. |
Please note, you can apply for an approval in principal even before closing on a property by providing us with the answers to items 1-4 concerning personal information.
Personal Information:
- Application form
- A photocopy of Israeli ID card. + Sefach (the slip attached to the card)/ In the absence of Isareli citizenship, we require a photocopy of a current passport + driver's license. If you have an Israeli passport and an Israeli ID number, but no Israeli ID card, we require – in addition to the photocopy of the Israeli passport, a confirmation from the Ministry of the Interior stating that you were never issued an Israeli ID card or that you are no longer a resident.
- Income information for the 2 most recent consecutive years.
- Recent bank statements for the last 3 months of your current account
+ most recent statements of savings accounts / money market accounts. - Power of attorney using the bank's text, needed to receive a mortgage – to be signed in the presence of your lawyer / Israeli Consul.
- Declaration of beneficiaries signed by you – we need the originals in order to set up a bank account.
- Decalaration of non-residency also signed by you – we need the original.
Information regarding the property :
-
The purchase contract / draft. A draft is required if the contract has not yet been signed.
-
An updated title abstract of the property.
- An appraisal report for the property, given by an appraiser included in the list of appraisers issued by the Bank