Non-Linked Mortgage Based on Makam Yield

Or, in other words: an especially flexible non-linked mortgage in shekels, for a period of up to 30 years.

At a glance:
A non-linked mortgage offered for a maximum period of 30 years. Its interest rate is updated annually, based on the Makam yield (short-term securities / central bank bills) plus a reset margin. This type of mortgage can be repaid via all repayment methods typically used by Bank of Jerusalem.
Who can benefit from a non-linked mortgage based on Makam yield?
Those seeking a convenient loan with a reducing balance for a period of 30 years.
What are the advantages of a non-linked mortgage based on Makam yield?
    • Avoids any increase in the loan principal.
    • A long-term non-linked mortgage, where the interest rate is updated on an annual basis.
    • Fixed monthly payments for each year (unlike the constantly-fluctuating payments associated with prime-based mortgages).
    • Loan principal is constantly diminished due to inflation – even with inflation is relatively low.
    • Continual balance reduction.
    • Total flexibility:
    • the mortgage can be repaid in part or in full once a year, with no penalty for early repayment
    • Option to switch to a different mortgage type at every interest rate update point. The advantage: your decision to take this type of mortgage is never set in stone, giving you complete flexibility and peace of mind.
Early Repayment:
The mortgage can be repaid without incurring an early repayment penalty, subject to providing advance notice and the repayment amounting to no less than 10% of the loan balance.
Switching to Another Mortgage:
At the end of each interest period, you have the option of requesting a transfer to another mortgage plan, in line with the Bank's terms and conditions at the time of your request. Please note that switching from a non-linked shekel mortgage to another type is only possible on one occasion..

Provision of credit is at the sole discretion of the bank. Failure to comply with loan repayment may result in interest on arrears and repossession proceedings.



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