Israeli Banks Offer Mortgage Relief to Residents in Gaza Border Areas

In a response to the recent conflict in the Gaza Strip, two major Israeli banks have unveiled plans to provide relief to homeowners located in areas near the border. Bank Hapoalim and Mizrahi Tefahot Bank are offering mortgage payment exemptions to residents affected by the hostilities, in addition to the broader outline provided by the Bank of Israel earlier this week.

Bank Hapoalim has taken a significant step by granting full exemptions from mortgage payments for a three-month period to customers who own properties pledged to the bank for mortgage purposes. This initiative applies to properties located within a range of up to 7 km from the Gaza Strip border. The exemption covers the forthcoming monthly repayments for November, December, and January. Notably, this benefit is automatic and does not require customers to visit the bank.

Mizrahi Tefahot Bank Extends Relief to Sderot and Surrounding Settlements

Mizrahi Tefahot Bank, in a similar move, has announced a relief program aimed at easing the financial burden on mortgage holders residing in the city of Sderot and its surrounding settlements. These residents will also be exempted from upcoming monthly mortgage repayments, offering critical financial relief during these challenging times.

Bank of Israel's Broader Relief Measures

These initiatives from the two banks complement the larger relief plan introduced by the Bank of Israel earlier in the week. The Bank of Israel's outline extends to households and businesses located within 30 km of the Gaza Strip. This relief program is available to citizens who have been evacuated from their homes by official political bodies, as well as those who are closely connected to individuals killed, kidnapped, or missing due to the conflict.

For the rest of the country's citizens, a system similar to the one implemented during the COVID-19 pandemic will be in place. This allows them to postpone their mortgage payments, although interest will be accrued during this period.

The combined efforts of these banks and the Bank of Israel aim to provide financial support and alleviate the economic stress experienced by residents in areas affected by the recent conflict. The support offered to homeowners, especially those in close proximity to the Gaza Strip, underscores a commitment to assisting communities facing extraordinary challenges.