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10 Cheshvan 5763 - October 16, 2002 | Mordecai Plaut, director Published Weekly
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NEWS
Flexible Payment Dates for Mortgages
by Eliezer Rauchberger

Last week the Knesset Finance Committee approved a bill by Chaim Katz (Am Echad) that would provide homeowners flexible mortgage payment dates.

The proposal would allow individuals to choose either the 1st, the 10th or the 15th of every Gregorian calendar month, similar to the standard policy at credit-card companies. The bill would give everyone with an outstanding mortgage loan four months to alter the payment date without having to supply any explanation.

At a Finance Committee meeting it was also decided that once every 4-5 years a campaign would be held to allow people to change their payment dates.

The banks agreed to set the fee for changing payment dates at NIS 200. If the borrower has more than one outstanding loan at the bank, the fee for the second and third loans would be an additional NIS 50 each, with a maximum total fee of NIS 300.

This fee is lower than the NIS 400 charged by banks to alter the terms of the loan.

 

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