Housing Loan Information

Maximum loans and income limits for Local Authority house purchase and improvement loans.

The amount of loan which may be advanced by a Local Authority for the purchase or construction of a house is 95% of the cost to a maximum of €185,000.

The amount of loan which may be advanced by a Local Authority for the reconstruction of a house is 100% of the cost to a maximum of €38,000 (secured) and €15,000 (unsecured).

Interest rates on all loans is variable, therefore the payment rates on Housing Loans may be adjusted by Sligo County Council from time to time.
 
Repayment Period for Loans:

Purchase/Construction 5 - 30 years
Reconstruction            5 - 15 years

Loans will not be approved for houses which exceed the grant limit i.e. 125m2.  (1346 sq feet)

Income Limits:

Income eligibility for loans where two applicants are involved is calculated on a formula which takes into account both incomes, but on a reduced weighting.

Formula:
2.5 times principal earner's income plus once the subsidiary income must not exceed €92,000

Where there is a single applicant only, the gross income cannot exceed €36,800 in the previous tax year.

Income limit does not apply to special category applicants.

A person who surrenders a Local Authority house and borrows in excess of €38,092 for the construction or purchase of a private house may qualify for a Mortgage Allowance of €11,428.

WARNING:
Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.

Contact your local authority.