There’s been a €25,000 increase in the top value of houses in Kerry that can be mortgaged by a State-backed scheme.
The Local Authority Home Loan is for individuals or couples who want to buy or build a house, but can’t get a loan from a private lending institution.
Minister for Housing, Local Government, and Heritage, Darragh O’Brien today announced significant improvements to this scheme, which will result in more people being eligible to apply for it.
The Local Authority Home Loan was launched in January last year as part of Housing for All.
It supports creditworthy borrowers who are unable to get finance from commercial banks to buy a new or second-hand home, or for self-builds.
It means those on more moderate incomes are helped by the State to own their own home.
The prices of homes eligible for a Local Authority Home Loan, along with income limits of those who can apply, are being increased.
In Kerry, from March 1st, there’ll be a €25,000 increase to €275,000 on the top limit of a house eligible for the scheme.
There’s also been an increase in the income limits for all applicants nationwide; it’s now €70,000 for single applicants, and €85,000 for all joint applications.
