Equity loans
Income limits
If the applicant is married or in a cohabiting relationship, the income and assets of the spouse/cohabiting partner must be taken into account when assessing the income thresholds, even if the spouse/cohabiting partner is not applying for an equity loan.
Income limits for a 25% equity loan
You need to pass a credit assessment for a 70% loan with a maturity of 25 years (if the loan is non indexed the loan term may be longer). The monthly instalment may not exceed 45% of disposable income. The monthly instalment may not exceed 45% of your disposable income if you are a single applicant, or 40% if you are a couple/cohabiting partners.
Total income last 12 months | |
|---|---|
Individual | ISK 10,00,000 |
Couples and cohabitants | ISK 15,000,000 |
For every child in the household, under the age of 20, the income limit increases by ISK 2,254,000.
Income limits for a 35% equity loan
You need to pass a credit assessment for a 60% loan with a maturity of 25 years (if the loan is non indexed the loan term may be longer). The ratio of an equity loan still depends on personal funds and payment ability, for example, if you have the payment ability to get a 70% loan, you will not receive more than a 25% equity loan.
Total income last 12 months | |
|---|---|
Individual | ISK 6,793,000 |
Couples and cohabitants | ISK 10,620,000 |
For every child in the household, under the age of 20, the income limit increases by ISK 2,254,000.
Service provider
Housing & Construction Authority