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Reconstruction Loan

Loans are currently available for the reconstruction, repair and improvement of houses to applicants who satisfy the income limits as laid down by the Department of the Environment (see below for details) and in addition the Council must be satisfied that.

  • After the proposed works are carried out, the house will be fit for habitation in all respects.
  • The house is suitable for reconstruction, repair and improvement as the case may be. 
  • The proposed works are essential for the purpose of providing suitable housing accommodation.

Please note that at least one applicant must be under 55 years of age. (If you do not qualify for this reason, the Council will only consider your application if someone under 55 years of age is willing to make a joint application with you).

Income Limit

In the case of two income households a formula of 2½ times the principal earner, plus the other income applies. The product of this formula must not exceed €100,000.00 to qualify. A limit of €40,000.00 applies where there is only one earner.

Amount

  • A loan cannot exceed €38,000 (Offshore Islands €50,000) or 75% of the amount which in the opinion of the Council, the house, if sold in the open market on completion of the proposed works, might reasonably be expected to realise, whichever is the lesser.
  • A loan cannot exceed 90% of the estimated cost of the reconstruction, repair or improvement works that is, estimated gross cost and after deducting grants payable in respect of the improvement works.

Interest Rate

A variable interest rate applies to all Reconstruction Loans.

Repayment Period

Maximum repayment period will not exceed 15 years.

Title

The title to the ownership of the house must be one which an ordinary mortgagee would be willing be accept, e.g. Fee simple, Fee farm, leasehold not less than 60 years unexpired.

Unsecured Loan

A loan not exceeding €15,000 may be made without security at the discretion of the Council subject to completion of legal agreement. The Land Certificate pertaining to the property may be deposited as security. Maximum repayment period for an Unsecured Loan is 5 years.

Reconstruction Loan