Meeting in Newbridge on affordable council loans

Housing

Paula Campbell

Reporter:

Paula Campbell

Email:

paula@leinsterleader.ie

Meeting in Newbridge on affordable council loans

An information meeting will be held in Newbridge next Thursday, August 30 at 7:30 pm to discuss Kildare County Council’s new affordable loan scheme.

The meeting will be hosted by Kildare town cllr Suzanne Doyle at the Town Hall.

Kildare County Council have been allocated €12 million in funding to provide affordable loans in a new scheme.

The benefits of this loan is that the borrowing rate is set at 2% fixed for 25 years.

Participants must have two refusals from private banking and demonstrate an ability to pay, this will require savings, which will also be necessary as the loan amount cannot be for more than 90% of house value. The upper limit of borrowing in Kildare is €288,000, and the upper limit of income for eligibility is €50,000 single income and €75,000 dual income. 

The idea is to give low income families an insulation from any possible fluctuation over the term of the loan.