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New outline: it will be possible to defer loans and mortgages until the end of 2020 | Israel today

2020-07-14T14:24:10.128Z


| economyThe Banking Supervision Department issued guidelines agreed with the banks • Loans can be deferred for 3-6 months - including business loans, mortgages and consumer loans Illustration Photo:  Dudu Greenspan The Supervisor of Banks announced the extension of the previous outline for deferring and expanding loan payments. It will now be possible to submit new applications for deferral of mortga...


The Banking Supervision Department issued guidelines agreed with the banks • Loans can be deferred for 3-6 months - including business loans, mortgages and consumer loans

  • Illustration

    Photo: 

    Dudu Greenspan

The Supervisor of Banks announced the extension of the previous outline for deferring and expanding loan payments. It will now be possible to submit new applications for deferral of mortgages, consumer credit and business credit, until October 30 this year.

Customers who have already received a deferral of mortgage payments will be able to defer payments until the end of 2020, even if the deferral exceeds 6 months. Customers who have not yet deferred mortgage payments and wish to do so will be able to defer payments for a period of 6 months.

Holders of consumer, ordinary loans, up to the amount of NIS 100,000, it will be possible to defer the loan for a period of up to six months, without the Bank's discretion. In the previous outline the maximum delay was only 3 months. 

The Supervisor of Banks clarifies that the outline that is published is the minimum outline and of course that the commercial banks may offer a longer postponement at their discretion. 

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The Governor of the Bank of Israel, Prof. Amir Yaron, referred to the outline for deferring loans and said that "we will continue to use all the tools at our disposal to support the economy and economic activity in the background of the crisis. It is worth remembering that credit is different from a grant and must be repaid, and the borrower must consider the deferral in its various aspects.

The Supervisor of Banks, Yair Avidan, added that "we are all witnessing that many households and businesses continue to be affected by the consequences of the corona crisis and therefore must continue to assist these customers, while managing risk wisely and responsibly. The economy is resilient." "This is to strengthen the resilience of households. I congratulate the banking system on expanding the outline, with the understanding and willingness to continue to accompany customers in this challenging period, with flexibility and sensitivity."

Source: israelhayom

All news articles on 2020-07-14

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