AACI LOANS & SUPPLEMENTAL
MORTGAGE FUNDS
LOANS
Emergency loans (of amounts ranging from
$1,000 to $5,000 with repayment periods ranging from one to three years)
are available to AACI members. Members wishing to apply must first make an appointment with an AACI counselor
in any of our offices to obtain
all relevant information and to fill out the
application forms. The approval for the loan is then considered by
the relevant committee. Business
loans are also available at 5% interest.
Approved
loans require two or three guarantors in Israel who must provide
salary slips and have their signature witnessed.
SUPPLEMENTAL
MORTGAGES
Supplemental mortgages are available to assist Olim
purchase their first home in Israel. AACI currently administers
five mortgage funds. Each fund has representation on AACI’s Mortgage
Committee which meets five times a year.
AACI
Life Members, who made aliyah from North America, are entitled to apply
for a supplemental mortgage loan ranging from $7,500 - $15,000 according
to the community one lived in prior to aliyah.
Terms of Application
- AACI mortgages are
for Olim purchasing their first home, and in certain circumstances
for upgrading existing housing. There is no time limit on
being an oleh.
- The loan is
payable over 10 years at an interest rate of 6.5% per annum.
The tenth year is forgiven if all payments over the first nine years
were made consistently and on time, bringing the interest down to
4.5%. Payment is made in New Israeli Shekels, linked to the
U.S. Dollar. (Please note that interest and repayment terms
differ for the Chicago Fund. Mortgages from this fund are
administered by Bank HaPoalim only. Further details are
available from AACI counselors.)
- The Olim
requesting the loan must be employed and earning a minimum monthly
salary. Applicants must provide salary slips.
- Each loan
application requires three guarantors in Israel who must provide
salary slips and have their signature witnessed.
- Applicants must have 15% of their
own funds in personal equity in order to apply for a supplementary
mortgage.
- The applicant must
provide a copy of the purchase contract.
Sponsors
of supplemental mortgage funds for former residents of the following
communities, who lived in the area for a minimum of five years prior to
their aliyah:
- Canada Mortgage
Fund sponsored by United Israel Appeal (UIA) Canada
- Greater Miami
Jewish Federation (open to non-Floridians if funds allow)
- Baltimore Community
Mortgage Fund
- Jewish Federation
of Greater Los Angeles Fund
- Jewish Federation
of Metropolitan Chicago
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Phone:
972-2-566-1181 Fax: 972-2-5661186
Email: info@aaci.org.il
