Bank of Palestine Signs Agreement with PMHC to Finance Housing Units in Rawabi City North of Ramallah

Bank of Palestine signed a joint partnership agreement with the Palestine Mortgage and Housing Corporation (PMHC) to finance the purchase of housing units in Rawabi City north of Ramallah. The signing ceremony took place at the Bank of Palestine main HQ in Ramallah. Chairman of the Board and General Manager of Bank of Palestine Mr Hashim Al-Shawa and PMHC CEO signed the agreement.

Pursuant to the agreement Bank of Palestine will present a program to its customers to finance housing units or houses in Rawabi City, while the PMHC in partnership with Bank of Palestine will finance the mortgage via marketing the program and completing lending and mortgage procedures for construction or purchase of the housing unit or house within 48 hours. The program will grant a financing rate up to 90% of the total price of the real estate or appraisal value for as maturity period up to 25 years with decreasing interest, in addition to life insurance and real estate policies at the bank’s expense and without guarantors.

Both Bank of Palestine and PMHC discussed means of joint cooperation and enhancement of the mortgage culture in Palestine. Both indicated that the mortgage service will help the public register their land in the Land registration Department hence protecting it from theft. Moreover, the mortgage service will secure the land from the risk of illegal Israeli settlement and confiscation.

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