The Department of Housing is implementing major improvements to the Local Authority Home Loan, which sees more people being able to apply for the State-backed mortgage. Prices of homes eligible for a Local Authority Home Loan have been increased nationwide as have the income limits of those eligible to apply for a loan. Individuals who wish to purchase a house or to build a house but cannot get a loan from a private lending institution may be eligible for a housing loan from the local authority.
From today the improvements to the Local Authority Home Loan take effect meaning more people will be eligible for a State backed mortgage. Income limits for single applicants are increased so that those earning up to €70,000 can now avail of the State-backed mortgage.
From today the house price limits for the scheme are increased – in county Tipperary the limit is €275,000, in County Limerick it is €300,000 and in county Cork it the house price limit is €330,000
Income limits for all applicants in each local authority area are now €70,000 for all single applicants nationwide and €85,000 for joint applicants nationwide.
Full details can be found on the website https://localauthorityhomeloan.ie/
