PMHC provides long-term home financing

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Palestine Mortgage and Housing Corporation provides long-term financing for the purpose of finishing of residential units. During the finishing stage, the borrower can obtain a grace period of up to six months under the following conditions: a)the property must be located in areas that are subject to the Palestinian National Authority, b) the property land must be registered or can be registered in the Land Registration Authority (Tabo), however if the property was a condominium (apartment) in a building, it must have a recordable deed to the individual unit purchased and a portion of the land where the building is located, c) the loan amount must be in line with the household (homebuyer) income which should be verified by official documents, where the monthly mortgage payment in addition to the life and property insurance premiums must not exceed 40% of the total borrower income (plus the co-borrower income if present), or as determined by the legislator at the time, d) if the borrower has other loans or any other financial obligations, then the monthly mortgage payment in addition to the life and property insurance premiums must not exceed 50% of the total borrower income (plus the co-borrower income if present), or as determined by the legislator at the time, e) for formally-employed borrowers and co-borrowers, the refinanced amount (loan amount) must not exceed 90% of the residential property value, f) for self-employed borrowers and co-borrowers, the refinanced amount (loan amount) must not exceed 70% of the residential property value, or as determined by the legislator at the time, g) the first installment of the loan is disbursed after mortgage deed the property, and the rest of the loan installments are disbursed according to the agreed on time table and work plan.

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