Mehir matara – translated from Hebrew as “target price”. This is a new Israeli government program from the Ministry of Construction. It will help residents of the country to purchase housing on favorable terms. It is expected that the program will be able to cover the needs of about 170 thousand people until 2025.
What does the program offer?
Preferential price
The mehir matara program offers a certain group of Israelis to buy housing 20% cheaper than the market value. The remaining amount is repaid from the country’s budget.
Preferential mashkanta
Normally, in order to obtain a mortgage loan for the purchase of a home (mashkanta) from a bank, a person must have 30% of the value of the property as equity. For participants in the mehir matara program, only 10% of the initial equity is sufficient to obtain a mashkanta.
In essence, the mehir matara program is similar to the closed program mehir le mishtaken, although it has a number of differences. It is worth noting that residents of Israel can still buy an apartment and the program mehir le mishtaken.
Features of the program mehir matara
Under the program mehir matara buyers are offered apartments ranging in size from 60 to 150 square meters. m…
The price of the apartment is determined according to the tender conditions, but it will be lower than the market price by about 20%
A person who receives an apartment under the mehir matara program undertakes not to sell it for 5 years from the date of receipt.
Participants can choose from a number of options to choose the finishing materials in the apartment, flooring, tiling and kitchen worktop.
Who can participate in the program?
The program is open to Israelis who meet the following conditions:
- Married couples who do not have their own home
- Single people over 35 years of age who do not own a home and have not owned a home in the last 10 years.
- Israelis who already have an apartment but wish to improve their living conditions. To participate in the program, they are obliged to sell their existing property within 1 year from the date of receipt of the form for the apartment to be purchased under the program.
- Disabled persons over 21 years of age who are confined to a chair
First of all, the draws of the program are created to help young families. It is worth noting that only married couples who have officially formalized their relationship can participate in the program!
In which cities the drawings will be held
At the time of writing, the program is selling apartments in Rosh HaAin, Modi’in, Jerusalem, Haifa, Rishon LeZion, Ashdod, Ashkelon, Eilat, Bnei Brak and other cities. The government promises that in the near future, the map of the program will expand greatly.
How to participate in the program?
The mehir matara program is a kind of lottery. Participants register in the program, and in the order of turn participate in the drawing of apartments.
To participate in the mehir matara program, you must:
- Pass the eligibility verification procedure for participation in the program, and receive a certificate.
- Register online or at Amidar, Milgam, Alonim branches.
- Choose the project you are interested in from the currently active ones.
- Wait for the drawing of the program
Registration for the first drawings of the program began on March 22, 2022.
Any questions?
Our specialist will give you a free consultation and help you register for the Mehir Matara program. To do so, fill out the form below right now!
