Odiel Malchi
Tailored Financial Solutions

The Newly Approved Program to Replace Mechir Lamishtaken

Shutterstock

Hours before the dissolution of the Knesset and the paralysis of government ministries until after the election period, government ministers unanimously approved the flagship plan of Housing Minister Yaakov Litzman to provide grants for the purchase of a second-hand apartment in the periphery.

A grant of NIS 100,000 will be given to anyone who is a non-homeowner according to criteria of the Ministry of Construction and Housing and who has not owned an apartment in the last decade.

More specifically, the grants will be given for an apartment purchase transaction that will meet the following conditions:

  1. The price of the apartment is between NIS 250,000 and NIS 700,000.
  2. The area of the apartment is larger than 40 square meters.
  3. The apartment is inhabitable, within the meaning of this term in the first addition to the Rental and Borrowing Law, 1971.
  4. The apartment is not purchased under the Public Housing (Purchasing Rights) Law, 5769-1998.
  5. The apartment is not purchased from a relative.
  6. As part of the transaction, all the rights for the apartment are purchased, including future rights.
  7. The price of the apartment is appraised by an appraiser from the bank from which the mortgage will be taken or from the bank where the buyer of the apartment is registered.

In addition, upon receipt of the grant, the purchaser of the apartment will undertake to own the apartment for a period of at least 5 years.

It should be noted that receiving the grant will not compromise the purchaser’s eligibility to receive a directed mortgage, according to his personal eligibility and in accordance with the rules of the Ministry of Construction and Housing in this regard.

About the Author
As an experienced and highly qualified mortgage broker and financial consultant, Odiel Malchi understands the intricacies and nuances of the Israeli financial regulations. Having arrived from New York at a young age, Odiel's cultural and language background make obtaining a mortgage perfect and seamless. Odiel holds a BA in Business from Machon Lev (JCT) and is in the process of getting an MBA in Finance. He is also a member of the Financing Advisors Association for Mortgages (hfca.org.il). Starting from the ground up at the big Israeli banks, today he works as an independent consultant for those banks, specializing in mortgages for business and foreign clients. Today his main focus is Malchi Mortgages, focusing on catering to the English-speaking community in Israel and abroad.
Related Topics
Related Posts
Comments