Dear Sir/Madam,

 

Thank you for your interest in the Bank of Jerusalem’s "Morefor"^TM Mortgage Program.

 As per your request we are sending you a general information sheet.

In addition please note the following information:

1.              In order to qualify for a loan the borrower must submit an application form,

2.              which includes personal and financial information, as well as information regarding the property offered as collateral.

3.              The application form must be completely filled out and submitted together with the relevant documentation

4.              (e.g., copy of passport, income tax returns, portfolio statement, title documentation).

5.              An appraisal report is required and the cost varies according to the value of the property.

6.              Olim Hadashim (subject to their eligibility) are able to combine a dollar loan together with a government subsidized loan.

For your convenience additional locations to obtain these financial services include:

Tel Aviv – Roni Rachmian, Netanya – Nachi Schwarzblat, Ashdod – Efraim Levi.

 

We hope that this information is helpful. Should you have any further questions please do not hesitate to contact us.

 

Sincerely yours,

 

Hillel  Suna

Branch Manager   

                                                Tel: 02-6774763

                                                Cell: 052-5247166

                                          E-mail: hillel@bankjerusalem.com

 

For more information please contact: 

Shai Mashiach -  Department Manager Mortgages

                               Tel: 02-6774742

                               Cell: 054-5255543

                               E-mail: shai@bankjerusalem.com

 

                               Mati Munk- Department Manager Marketing and Nonprofit sector

                               Tel: 02-6774764

                               Cell: 052-3309886

                               E-mail: mati@bankjerusalem.com

Bank of Jerusalem, The 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.

 

 

 

1.	Currency:	Multiple currencies available, including (but not lim  limited to) USD    JPY GBD    CHF EUR    CAD Other currencies available upon request and bank approval
2.	Amount:	Minimum loan is $75,000  Generally not to exceed 70% of the purchase price or appraised value of the property.
3.	Term of loan:	Up to 20 years
4.	Repayment terms:	a.  Quarterly payments b. Equal principal payments and interest on unpaid principal balance Or   c.  Equal quarterly payments Or   d.  Potential to tailor repayment schedule to specific needs, based on prior approval
5.	Interest rate:	1. Attractive variable interest rate linked to the 3 months Libor  (London Inter-Bank Offered Inter-Bank Offered Rate).        2. Attractive fixed rate option available for financing up to 15  years.
6.	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, to the Bank’s satisfaction
7.	Initiation Fees:	0.5% of mortgage amount.
8.	Prepayment privileges:	Early repayment, (10% or more of the loan               outstanding value) with no prepayment penalty, subject to an advance notice of 10 days.
9.	Loan Disbursement:	Bank's participation (funding) represents the final payment of the  purchase transaction.
10.	Process:
	Loan application form	Available upon request or can be downloaded from thewww.bankjerusalem.co.ilbanks website:  (English > Forms > Mortgage Loan Application)                                         * 2 forms of picture identification (one of which  is valid passport)
	- Financial information	* Tax returns for the past  2 years                         * Bank statements for the past 3 months
		* Additional financial information that is deemed        necessary
11.	Property Information:	* Appraisal report by Bank of Jerusalem approved Appraiser * Purchase contract, if relevant

                                                                                

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