Click here to send your questions to Avner
Through their business, Avner Buntman and his consulting company Mortgage Israel see a real need for people to understand the mortgage industry in Israel. As the first english-speaking mortgage company in Israel, Avner and his team have given various seminars for Nefesh B'Nefesh and have helped hundreds of new olim and overseas buyers with their mortgage needs. Their firm specializes in securing residential and commercial loans primarily for the Anglo market in Israel. They will be answering questions on the Israeli mortgage market and guiding readers into making the right financial choices.
and please leave your comments on the Q&A below.Vols I - III
Q: What are the requirements to qualify for a mortgage loan in Israel eg. percentage of deposit required etc. Which is the best bank to approach?
A: Thank you for your question. In general the banks require a 30% down payment. However you can put down as little as 10% if you are prepared to take 3rd party mortgage insurance called EMI, which insures the bank against default of the loan. In order to qualify for a loan in Israel you will need to prove to the banks that you have sufficient income to repay the loan on a monthly basis. Proof of income can be 3 months of pay stubs, tax returns or other documents that verify income. The banks also will want to see your monthly liquidity by examining your daily banking statements.
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Regarding which bank to approach, there is no one bank that can be recommended above all the others. Its best to check a few banks out and compare loan products and interest rates.
Q: I'm coming to live in Israel this summer. Am I able to get a mortgage in Canada for a home in Israel?
A: To date, I do not believe it's possible to get a loan from a Canadian bank using Israeli real estate as collateral. The only thing you can do is take a home equity loan, from a Canadian bank, on an already existing asset in Canada and then use the funds for a purchase in Israel. Nonetheless, it is possible to arrange a loan from an Israeli bank (presently at better interest rates than a Canadian bank), while you are still in Canada.
If you have any further questions please ask.
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