The Irish government has many plans to help people who desire to buy homes. Rebuilding Ireland Home Loan is such a mortgage scheme for first time buyers backed by the government. This scheme was launched and available nation wide since February 1, 2018 from all local authorities.
Through this scheme you can apply for a loan to purchase a new or second hand property or to build your own home. The loan provides you the capital with interest which should be repaid on a monthly basis. Up to 90% of the market value of the property could be borrowed. €320,000 is the maximum market value of the properties in counties of Cork, Dublin, Galway, Kildare, Loath, Meath and Wicklow and €250,000 in the rest of the country
Eligibility
To gain a Rebuilding Ireland Home Loan, you must
- be a first time buyer
- be aged between 18 and 70 years
- have a continuous job for two years as a primary earner or continuous job for one year as a secondary earner
- submit the two year certified accounts if self employed
- have annual gross income of maximum €50,000 as a single applicant or maximum €75,000 as joined applicants
- submit evidence of insufficient orders of finance from two banks or building societies
- not own a property inside of outside Ireland
- occupy the property as your place of residence
- purchase or self build a property below 175 sqm in Ireland
- purchase or self build a property which never exceeds the maximum market value of the respective county
- consent to an Irish Credit Bureau check
Interest Rates
There are mainly two fixed interest rates
- 2.745% fixed for up to 25 years
- 2.995% fixed for up to 30 years
These rates could be changed. Mortgage rates depends upon your date of drawdown of your loan. All rates are exclusive of Mortgage Protection Insurance (MPI) which is a requirement of borrowing. Eligible borrowers are required to partake in the local authority collective MPI scheme. MPI is paid monthly in addition to loan payment.
Application Procedures
If you are eligible for gaining the loan and sure about the source to repay the loan, you can apply for the Rebuilding Ireland Home Loan by filling the application form. The certificates demanded in the form should be submitted and all sections must be completely filled.
The application must be signed by all applicants and it must be submitted to your local authorities. The application will be assessed and you will be informed on the decision taken. Security and insurance are mandatory and terms and conditions apply.
For more details click
http://rebuildingirelandhomeloan.ie/