To get a mortgage, your property must be insured. Many banks will offer you a standard property insurance policy.
Some banks require you to have the property inspected before they finalise the mortgage contract.
Mortgages cover up to 70% of the price of the property. Banks will give you a mortgage provided you can show the following documents:
- last two years' tax returns
- last three month's bank account statements
- two forms of identification (e.g. driver's license, Israeli identification card)
- some banks may also require your credit score
After receiving a mortgage, you may also get additional assistance using EMI (mortgage insurance). This insurance can extend the coverage of your mortgage an extra 10% of the house price.
Foreign non-residents who purchase a second home abroad typically receive less mortgage than residents (usually a maximum of 60% of the property value). Like residents, they can buy a mortgage insurance in order to increase the percentage of the property value that the banks are willing to finance.