Regulatory Alerts2022-01-31
Procedures for Extending Housing Loans
The Bank of Israel issued Directive 451 to enhance transparency and assist customers in making informed decisions regarding mortgage loans. The amendments require banking corporations to provide an online calculator for loan simulations, mandate a response to loan requests within five days, and include three uniform loan compositions in approval letters. Additionally, the directive standardizes the calculation of forecast overall interest and allows non-online customers to receive account information in writing up to twice per year without fee.
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