Housing benefits

Using our housing benefits calculator you can calculate the estimated housing benefits you are entitled to.

If you disagree with our decision on your housing benefits amount, you can request a recalculation. To do that you can send your reasoning and supporting documentation through My Pages HMS or by email to hms@hms.is.

Full housing benefits

Full benefits can be received if your income is below the minimum income limit and your assets are less than the minimum asset limit.

Housing benefits can never exceed 75% of the rental price.

A tax return must be filed in order to calculate the benefits.

If someone in the household is entitled to interest compensation from the tax office (vaxtabætur), the right to housing benefits is cancelled.

Household members: 1

• Maximum housing benefits per year: 487.601 ISK

• Maximum housing benefits per month: 40.633 ISK

Household members: 2

• Maximum housing benefits per year: 644.892 ISK

• Maximum housing benefits per month: 53.741 ISK

Household members: 3

• Maximum housing benefits per year: 754.995 ISK

• Maximum housing benefits per month: 62.916 ISK

Household members: 4 or more

• Maximum housing benefits per year: 817.912 ISK

• Maximum housing benefits per month: 68.159 ISK

The maximum amounts of housing benefits are reviewed annually during the national budget process.

Asset and income limits

Assets

The combined assets of everyone in the household (18 years and older) must be below the maximum asset limit. Assets are for example bank account balances, cars, caravans, motorcycles, real estate, and stock holdings.

Our calculations are based on net assets (assets minus liabilities) according to tax returns.

• If assets are under the minimum asset limit you can receive full benefits

• If assets are above the maximum asset limit you are not entitled to housing benefits.

• If assets are between the minimum and maximum asset limits, benefits are reduced proportionately to the amount exceeding the lower limit.

Minimum asset limit: 8 million ISK

Maximum asset limit: 12,8 million ISK

Income

Income limits depend on the number of household members.

• If the total income is less than the minimum income limit, you can receive full housing benefits.

• If the total income is above the maximum income limit, you are not entitled to housing benefits.

• If the total income is between the minimum and maximum income limits, housing benefits are reduced by 11% of the amount exceeding the minimum limit.

Our calculations are based on the total taxable income of all members of the household (18 years and older) before tax.

Members of household: 1

Annual income limit:

• Minimum: 5.690.772 ISK

• Maximum: 10.123.508 ISK

Monthly income limit:

• Minimum: 474.231 ISK

• Maximum: 843.626 ISK

Members of household: 2

Annual income limit:

• Minimum: 7.526.505 ISK

• Maximum: 13.389.160 ISK

Monthly income limit:

• Minimum: 627.209 ISK

• Maximum: 1.115.763 ISK

Members of household: 3

Annual income limit:

• Minimum: 8.811.518 ISK

• Maximum: 15.675.109 ISK

Monthly income limit:

• Minimum: 734.293 ISK

• Maximum: 1.306.259 ISK

Members of household: 4 or more

Annual income limit:

• Minimum: 9.545.812 ISK

• Maximum: 16.981.376 ISK

Monthly income limit:

• Minimum: 795.484 ISK

• Maximum: 1.415.115 ISK