ISR CB Housing Loan Grant Procedure

On Jul. 19, ISR CB updated housing loans procedures guidelines.

  • ISR CB issued updated management instruction Procedures for granting housing loans.
  • Follows ISR CB May 2023, consulted on draft update to directive 451, see #174283.
  • Main Amendments
  • Includes new instructions to improve processes for borrowers either wishing pay off their loan via early repayment or to refinance by taking out a loan from another body.
  • Customers will be able to notify online or by phone intention to make early repayment and advise of this directly to new their bank without being prejudicial to their rights.
  • New option to receive bank information/documents online if customer is interested.
  • Customer will not be required to attend their previous bank branch to receive required documents; these will be transferred from previous bank directly to the new bank.
  • Banks will establish processes themselves in order to complete the actions required.
  • Where customers use non-bank institutional lenders, the same processes will be used.
  • Effectiveness
  • Instructions will enter into force one year from publication date, i.e., on Jul. 19, 2024.

Regulators ISR CB
Entity Types Bank; BS; CNSM; CU; IB; MG Orig; MSB; Servicer; Thrift
Reference Cir 2755, Dir 451, PR, 7/19/2023
Functions Compliance; Legal; Operations; Product Administration; Reporting; Risk; Technology
Countries Israel
Products Banking; Loan; Mortgage
Regions EMEA
Rule Type Final
Rule Date 7/19/2023
Effective Date 7/19/2024
Rule Id 179837
Linked to Rule :140668
Reg. Last Update 7/19/2023
Report Section International

Last substantive update on 07/21/2023