Or, in other words: a variable-interest shekel loan for a period of up to 30 years.
At a glance:
A non-linked mortgage in shekels for a period of up to 30 years, with variable interest based on prime lending rate, plus a reset margin.
Who can benefit from a non-linked prime-based mortgage?
- Those who would prefer to avoid an increased loan principal.
- People who can absorb significant fluctuations in monthly payments, in the event that the Bank of Israel raises the interest rate.
What are the advantages of a non-linked prime-based mortgage?
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The mortgage can be paid off early without incurring a penalty, when providing notice at least 10 days in advance, up to 45 days from the date such notice is received.
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The non-linked principal is repaid on a monthly basis, in accordance with a predetermined amount. The balance of the loan principal continually decreases (as the monthly payments go toward both the principal and the interest).
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Monthly payments increase or decrease based on changes to the Bank of Israel's prime rate.
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