# Directive 329

> Bank of Israel LTV caps: 75% first home, 70% replacement, 50% investment; non-residents ~50%.

Canonical: https://shavnu.com/glossary/directive-329

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**הוראה 329**

Banking Supervision Directive 329 is the macro-prudential rule on housing credit. Resident sole homes can go to 75% LTV, a replacement home to 70%, an investment dwelling to 50%. Non-residents, in 2026 market practice, are treated around that 50% ceiling regardless of whether it is their first home worldwide. Foreign-currency loans to non-residents sit in a separate pocket of the same directive. A sales-office 'we have 70% for foreigners' claim is not the Bank of Israel.

## Where this comes up

- [The Cash You Actually Need](https://shavnu.com/blog/what-your-equity-covers.md): Israeli banks cap non-resident mortgages at fifty percent of the lower of price or appraisal, and that fifty percent is a ceiling, not a promise. The gap you must wire from abroad is larger than the headline LTV suggests.


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Source: https://shavnu.com/glossary/directive-329 on Shavnu, an independent English guide to the
Sde Dov district in Tel Aviv. Figures come from the public record: Israel Tax
Authority transaction reports, Tel Aviv GIS, tender results and the Hebrew press.