The Government provides new immigrants with a portion of the mortgage (Zaka'ut) at what is supposed to be a lower interest rate.
The government mortgage is a fixed shekel loan linked to the inflation (CPI) and the rates are currently 4%. These rates are currently higher than the banks rates with the only advantage being that the loan can be paid back at any point without penalty.
To qualify, the person or family must be:
- Non-homeowners
- Aged over 21
- Temporary Residents and Tourists are not eligible for this mortgage
The amount this Government loan is calculated on the basis of age, number of siblings, number of children, years of marriage and army service. The eligible person (or couple) receives points for each of these factors, the total sum being calculated as a result of these points.
One can follow the following link provided by the Ministry of Housing to calculate ones entitlement (Hebrew):
http://147.237.72.22/server2/machshevon/default.aspx
