A Limerick City and County Council Home Improvement Loan is available to those whose income is within the prescribed limit under the scheme.
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How to Apply
Complete the Home Improvement Loan Application Form in the supporting documents below.
What is the income limit?
In the case of a single earner, gross income in the preceding tax year cannot exceed €40,000. In the case of joint incomes, the principal earner’s income when multiplied by two and a half and combined with the subsidiary earner’s income, cannot exceed €100,000.
What is the maximum loan available?
What is the loan term?
What is the Interest Rate?
The interest rate is variable and in accordance with the prevailing rate nationally. The current interest rate is 2.75% - May 2014
How is the loan secured?
If the loan is in excess of €15,000, a charge is registered against the property for the duration of the loan. (The borrower must be the registered owner of the property)
How is the loan advanced?
The loan can be advanced during three stages of construction.
Is a Tax Clearance Certificate required?
Yes, if the loan is in excess of €6,348.
How are repayments made?
Loan repayments are made on a monthly basis, preferably by Standing Order or Direct Debit. Interest is charged on all stage payments before the loan is fully drawn down.
Is the borrower covered by Mortgage Protection Insurance?
No, the Council does not operate Mortgage Protection Insurance in the case of reconstruction loans. The borrower is required to arrange independent mortgage cover and have the Council’s interest noted therein.
Is there an application fee?
Yes - please contact us for more information.
Housing Support Services Department
Limerick City and County Council
Phone: +353 61 557014