Such an arrangement would require approval by the Supervisor of Banks.
After Israel's banking system announced that mortgage repayments can be postponed by 3-4 months at the expense of larger repayments later on in response to financially distressed customers due to the coronavirus crisis, Bank Leumi (TASE: LUMI) has now proposed even greater relief.
Leumi, headed by recently appointed CEO Hanan Friedman, is offering up to two years grace from mortgage repayments for homebuyers who have been placed on unpaid leave after working for at least three years at their place of employment. Such an arrangement, however, will require the approval of the Supervisor of Banks at the Bank of Israel.
Published by Globes, Israel business news - www.globes-online.com - on April 5, 2020
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