New home loan scheme raises income ceiling

by Rachel Cunningham

South Dublin County Council (SDCC) has announced that the new Local Authority Home Loans Scheme (LAHL) replaced the existing Rebuilding Ireland Home Loan (RIHL) for the purchase of new or second-hand residential properties and for self-builds from this week, writes Rachel Cunningham.

This also includes the purchase of homes through schemes such as the Tenant Purchase and Affordable Housing Schemes, with the maximum market values of the property that can be purchased or self-built in the SDCC administrative area being €320,000.

One of the main changes compared to the RIHL is a rise in the income ceiling for a single applicant from €50,000 to €65,000 in South Dublin County, where the scheme’s house price limit is €320,000.

A ‘fresh start’ principle also applies to the LAHL, which 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 or bankruptcy proceedings will also be eligible to apply for the LAHL.

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