Thursday, 22 February 2018

Ceisteanna (224)

Michael McGrath

Ceist:

224. Deputy Michael McGrath asked the Minister for Housing, Planning and Local Government if a site owned by a person planning to build their home on the site can avail of the Rebuilding Ireland home loan in part or in full towards the 10% deposit requirement in the context; and if he will make a statement on the matter. [9048/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Housing)

I can confirm that the deposit requirements underpinning the Rebuilding Ireland Home Loan are the same for all applicants. Specifically, where a loan applicant owns a site with full planning permission, the maximum loan amount that can be advanced is 90% of the build cost. This is also subject to the post construction market value of the completed house not exceeding the maximum allowable market values set at €320,000 in Dublin, Meath, Wicklow, Kildare, Louth, Cork and Galway and €250,000 in the rest of the country.

The applicant must provide bank or similar statements (post-office, credit union etc.) for a 12-month period immediately prior to making a loan application showing a credible and consistent track record of savings. The cash savings must be no less than 3% of the build cost. Gifts are permissible up to 7% of the build cost where their source is verified.

More information is available from www.rebuildingirelandhomeloan.ie or by phoning 051 349 720.