Ivana Bacik
Question:123. Deputy Ivana Bacik asked the Minister for Housing, Local Government and Heritage to address the issues in a case (details supplied). [55598/23]
View answerWednesday, 13 December 2023
Questions (123)
Written answers
From the details supplied I understand the question relates to the status of an application for a Local Authority Home Loan. The final decision on Local Authority Home Loan applications is a matter for the relevant local authority.
In general, the Local Authority Home Loan can be used to finance the purchase of a property under the Tenant Purchase Scheme. The Local Authority Home Loan requires that applicant must have a deposit equivalent to 10% of the value of the property to be purchased. However, applicant(s) availing of the Tenant Purchase Scheme are exempt from this requirement for a 10% deposit.
All other criteria for eligibility for the Local Authority Home Loan will apply to applicants availing of the Tenant Purchase scheme, which would include the demonstration of the applicants' creditworthiness. As part of the assessment process and to ensure prudent lending for both the borrower and the local authority, an applicant(s) repayment capacity and creditworthiness is assessed, which would include evidence of their savings record.
Decisions on all housing loan applications must be made in accordance with the Regulations establishing the scheme and the credit policy that underpins the scheme, in order to ensure prudence and consistency in approaches in the best interests of both borrowers and lending local authority.
Details of the Local Authority Home Loan can be found on the dedicated website: localauthorityhomeloan.ie/