Many military personnel are forced to live in apartments provided by the state for temporary residence. However, after moving to another city, many families give birth to children, which requires improving housing conditions. Nevertheless, no real estate rights in which the soldier’s family lives temporarily, is not its property and cannot be such even in principle. To get his own housing, a soldier can acquire real estate on his own or arrange a mortgage. In this case, the state has provided a special program according to which all military personnel who are participants in the funded system can count on special lending conditions.
What is NIS and how to use it?
NIS is a storage system that allows a military personnel who is a participant in the program to receive subsidies to repay a processed mortgage loan. Nevertheless, in order to use NIS means, you must immediately become its participant. To do this, the soldier must write the appropriate report and only after three years, the accumulated funds will be available for intended use. However, if desired, a soldier can arrange a mortgage earlier, but in this case, before the three -year period, when the funds of NIS become available, you will have to pay a loan on your own. In addition, in order for the Ministry of Defense to begin transferring a loan to the account of repayment, you need to again draw up a report and wait for its approval and issuing a special certificate that the bank-creditor must be presented. If a military mortgage is drawn up at the stage of housing, after providing the certificate, the creditor concludes a loan agreement with the borrower, under the terms of which the state takes the obligation to pay the loan in the event of death or disability of the borrower for reasons beyond its control. In addition, the state provides for special benefits for the servicemen who devoted to the service for more than 10-25 years. Even in the case of his death or retirement in connection with the achievement of the marginal age, the soldier and his family are exempted from the obligation to repay the mortgage loan on his own and the creditor bank does not have the right to demand any compensation for losses.