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..
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