Local Authority Home Loan
The Local Authority Home Loan (LAHL) is available for people who are unable to obtain sufficient funding from commercial banks to purchase or build a home. The loan can be used both for new and second-hand properties, or to self-build. Full details of the Local Authority Home Loan, including eligibility criteria, can be found at http://localauthorityhomeloan.ie
How to apply:
Applicants must complete a Local Authority Home Loan application form which is available for download here and return it to:
Housing Loans
Kildare County Council
Áras Chill Dara
Devoy Park
Co.Kildare
W91 X77F
or by email:
A 'Fresh Start' principle also applies to the Local Authority Home Loans scheme. This means that people who are divorced, legally separated/separated or the relationship has ended and have no financial interest in the family home are eligible to apply under this scheme. People who have undergone personal insolvency/bankruptcy proceedings will also be eligible to apply for the Local Authority Home Loans Scheme.
In line with Central Bank rules, a person or couple can borrow up to 90% of the market value of the property. Under the loan, there are two rate options.
- Fixed rate of 4.00% up to 25 years
- Fixed rate of 4.05% up to 30 years
The Local Authority Home Loan can be used for:
- Private purchase (including self-build)
- Affordable Property
- Local Authority Tenant Incremental Purchase
There is a cap on the value of the home you can buy in Co Kildare of €360,000.
Main Elements
- provides up to 90% of the market value of a property
- the maximum loan amount is €324,000
- the maximum loan term is 30 years or up to the age of 70
- the loan is a normal capital and interest-bearing mortgage
- it is repaid on a monthly basis by direct debit
To qualify for a Local Authority Home Loan, applicants must:
- be a first-time buyer, with the exception of applicants qualifying under the Fresh Start Principle
- be aged between 18 and 70 years
- a single applicant must earn less than €70,000 annual gross income
- joint applicants must earn less than €85,000 annual gross income combined
- provide proof of insufficient mortgage offer from two regulated financial providers (this must be less than the amount you are requesting from the Council)
- be in continuous employment for a minimum of two years as primary earner and a minimum of one year as secondary earner (if self-employed be able to submit two years certified accounts)
- intend to occupy the property as their normal place of residence
- currently have a legal right to reside and work in the State and be able demonstrate that they are habitually resident in Ireland