Checking Your Financing Options
Updated
At this stage, before the contractor invites you to choose an apartment, it's worth sorting out your financing. On selection day you have only 45 minutes to decide — not the moment to discover you don't have a mortgage pre-approval.
What Is the Mortgage Advantage for Winners?
Dira BaHanacha (Mehir LaMishtaken) winners are entitled to a higher loan-to-value (LTV) ratio than the standard market rate — which reduces the equity required. It's worth mentioning this when you meet with your bank.
What Should You Do Now?
- Contact a mortgage bank for an in-principle approval
- Check the project on the contractor's site — which units are still available?
- Prepare your equity
Tip
If you're in a peripheral area — check whether you're entitled to an additional grant (ILS 40,000–60,000). It's paid after signing the contract and paying the full equity.