Mortgage Guide

Steps to taking a mortgage

There are five simple steps for obtaining a mortgage from the bank.

How to plan a mortgage in five steps?

Step 1 - approval in principle

Application for a mortgage in principle can be filed in several ways:

• At one of the mortgage desks at the Benleumi Group’s branches

• By fill out a request form for approval in principle on the website

• Via the call center - Mashkantaot Call *3533

On the application, you will be required to provide the following personal information:

• Personal details (including ID number)

• Details regarding your place of employment and the duration thereof

• Details regarding your income

• Details regarding the asset in question

• The requested loan amount

• The desired loan period

The loan plan can be altered prior to the receipt of the funds.

Applying for and obtaining a mortgage in principle is free of charge and is not binding.

Approval in principle can be granted within 24 hours.

Step 2 - selecting the plan

Types of mortgage available from the Benleumi Group:

Eligibility Loan - a loan offered to those entitled to the Ministry of Construction and Housing’s Eligibility Loan.

Mortgage loan from the bank's funds - subject to Bank procedures.

All branches are equipped with a loan and mortgage mix system, which will put together the most suitable plan for you.

Available mortgage plans:

Consumer Price Index-linked loans.

Non-linked NIS loans based on prime interest.

Foreign currency linked loans based on the LIBOR interest rate.

Step 3 - Final approval

This stage takes place during a meeting with the mortgage consultant at the branch. Please bring the following items and information with you to the meeting:

• Your personal details

• Details regarding the place and duration of your employment

• Details and proof of income

• Details regarding the asset in question

• The requested loan amount

• The desired loan period

• The requested loan plan

Please have the following documents with you:

• ID card (including the appendix with your up-to-date personal details and those of your children, if applicable)

• Eligibility certificate (for those eligible)

• Proof of income (salaried employees - pay slips from the past three months; self-employed - CPA confirmation or tax assessments)

• Current account statements for the past three months.

• Apartment acquisition contract or construction permits for self builds.

• Updated land registration extract or updated certificate of rights relating to the asset in question.

Step 4 - opening a loan file

After the mortgage has been approved, you will be required to sign the loan documents.

The mortgage consultant will give you a detailed explanation regarding the types of documents and signing procedure, registration of collateral, etc.

You will be able to get the loan after furnishing the bank with all the necessary documents, including appraisal, insurance of the asset, life insurance, registration of collateral, etc.

Step 5 - getting the mortgage funds

After completing all the required documents, the loan amount will be transferred as necessary: to the Seller, if an apartment is being purchased, or as per the purpose of the loan or subject to the borrowers instructions.

The information on this website does not constitute an opinion, suggestion or offer for a loans of any kind nor does it constitute a consultation. The information is general, marketing content and cannot replace a borrower briefing and/or the explanation page given to persons inquiring about mortgage terms, nor can it replace the user’s good judgment or professional advice, including advice provided by the mortgage officer, who considers the user’s unique information, needs and purposes for the specific transaction. The loan shall be granted subject to the banks discretion and subject to the provision of satisfactory securities, and in accordance with the banks procedures for the provision of housing loans. Failure to repay the loan is liable to result in the charge of interest for delay in payment and execution procedures. The full and binding terms for every service/ product are specified in the bank documents in relation to said service / product and subject to the arrangements practiced by the bank. The bank reserves the right to alter the terms of the service /product or to discontinue them at any time. Prime is the "basic interest rate" determined by the bank and is subject to change from time to time.