Corona implications: Bank of Israel recently approved long-term loans that can be spread up to 30 years

The Bank of Israel recently approved long-term loans that can be spread over a very long period (up to 30 years) in addition to a mortgage for any purpose you want, such as closing debts, consolidating loans or breathing air during the corona period.
The maximum amount of the loan can reach up to 70% of the value of the property together with the mortgage. That is, if your property is worth NIS 2 million and you have to pay another NIS 1 million on the mortgage (which is 50% of the value of the property), you can take an addition of up to NIS 400,000 as a supplementary loan, which is 20% of the property's value. about.
The loan allows you to take relatively large sums of money. It allows you to consolidate your existing loans into one loan spread over a much longer period that can reach 30 years, which can lower up to 60% the payment on your monthly repayment and give you a lot of air during this period.
It is very easy to get loans between NIS 60,000-120,000 and in most cases you will not pay a fine for closing the loan early. Minimum bureaucracy - in order to allow families to get them quickly, which means you will not have to bring a lot of documents and certifications like for a mortgage loan.
Speed ​​- You can get the loan within two weeks with the help of a financing expert, which can save a lot of families before next month's payments.
Because this is a loan that has never existed, it is very difficult to estimate the interest rate that the bank will give, it very much depends on the credit rating, the seniority of the work before the corona and your financial dealings with the bank. "Interest rates are not as high as regular loans, but they are also not as low as mortgage interest rates," explains Yaniv Tzanahani, CEO of Calcalider, who has already handled a number of cases. %, Compared to a 25-year ancillary loan that can be obtained around Prime plus 4% with the help of a financing expert. "
There is a significant difference in interest rates, it should be remembered that the loan is spread over a longer period of time and thus also reduces the monthly payment, at any given time it is possible to change the loan terms without significant costs.