Author Topic: Buying a house in Israel  (Read 1287 times)

Offline Drago

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Buying a house in Israel
« on: May 27, 2013, 03:48:17 AM »
Hi all,
Any hints / tips to know when buying a house in Israel?

I'm expecting a lawyer fee of around .75% or so.
I plan on getting price quotes from a few banks.
I would love to find some cheap capital if I could.
And I need to transfer lots of money over from the US.

Anyone have any insights?

Offline satturn

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Re: Buying a house in Israel
« Reply #1 on: May 27, 2013, 05:40:32 AM »
i have a great english speaking lawyer for .5%.(₪5000 min) Shevy Feld- 0722512511

For Money Transfer- Gershon Kayman 0546716220- over $10,000- 0.03 fee. (beats forex israel etc.).

Would also love to hear about cheap capitol. Many banks will give a ₪30,000+ interest free loan for 2 years- might be kedai- to take a smaller mortgage and include it.

Pm me for more details. And for some mortgage banks direct contact info and tricks.
« Last Edit: May 27, 2013, 05:45:00 AM by satturn »

Offline BCL

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Re: Buying a house in Israel
« Reply #2 on: February 07, 2019, 02:26:21 AM »
Is it true that a non-citizen needs to put 50% down?
Are there easy ways around that?

Offline jmz

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Re: Buying a house in Israel
« Reply #3 on: February 07, 2019, 06:22:00 AM »
Is it true that a non-citizen needs to put 50% down?
Are there easy ways around that?

Yes. At least.
No easy ways I've heard of yet. If you find any please let me know. 

Offline Emkay

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Re: Buying a house in Israel
« Reply #4 on: February 07, 2019, 07:53:22 AM »
Is it true that a non-citizen needs to put 50% down?
Are there easy ways around that?
Around there. Any good broker should be able to get significantly lower though.
« Last Edit: February 07, 2019, 08:03:39 AM by Emkay »

Offline YesThatsMe

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Re: Buying a house in Israel
« Reply #5 on: February 07, 2019, 11:07:46 AM »
I do lots of this (sell houses in Israel). Most of my non-Israeli clients usually pay the full price in cash, no financing in Israel, and usually refinanced some property in the USA, where terms are way better for them.

Those that did take mortgages needed to put down 50%. I never yet had a closing in Israel for a foreigner where the bank paid me more than 50%.

Now that I think about it, I never sold to an Oleh, so that may be different.

Israelis have some great mortgage products, low rates & fees, but underwriting is very strict. And almost all loans are "Tzamud LaMadad", meaning variable, but not terribly so.

Offline satturn

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Re: Buying a house in Israel
« Reply #6 on: February 12, 2019, 03:39:52 AM »
Around there. Any good broker should be able to get significantly lower though.

its a bank of israel law- no getting around it. non israelies need 50% down. And most buying a second apt is the same

Offline Emkay

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Re: Buying a house in Israel
« Reply #7 on: February 12, 2019, 03:52:16 AM »
its a bank of israel law- no getting around it. non israelies need 50% down. And most buying a second apt is the same
I didn't see the law, although it wouldn't make a difference in my mind if I did.
I am 100% sure my statement was accurate.
I went through the entire buying process very recently and I know this information from personal experience. 

Offline satturn

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Re: Buying a house in Israel
« Reply #8 on: February 12, 2019, 03:59:26 AM »
I didn't see the law, although it wouldn't make a difference in my mind if I did.
I am 100% sure my statement was accurate.
I went through the entire buying process very recently and I know this information from personal experience. 

http://mortgageisrael.com/showpage.asp?pageid=6

was your appraisal more than the purchase price?

Offline Yef

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Re: Buying a house in Israel
« Reply #9 on: February 12, 2019, 11:56:35 AM »
Speak to a broker. You can definitely put down less than 50 %

Offline ExGingi

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Re: Buying a house in Israel
« Reply #10 on: February 12, 2019, 12:23:23 PM »
Any information about a HELOC, reverse mortgage or other type of cash out on a fully paid property? Low-doc or no-doc?

Please only respond if you have actual experience, not with links (which I can find myself).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline BCL

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Re: Buying a house in Israel
« Reply #11 on: February 18, 2019, 07:44:16 PM »
I didn't see the law, although it wouldn't make a difference in my mind if I did.
I am 100% sure my statement was accurate.
I went through the entire buying process very recently and I know this information from personal experience.
@Emkay Can you recommend a broker?
Speak to a broker. You can definitely put down less than 50 %
@Yef  Can you recommend one?

Offline Yef

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Re: Buying a house in Israel
« Reply #12 on: February 18, 2019, 08:51:41 PM »
Tzvi Shapiro. First Israel mortgage