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: 609.504 ISK

• Maximum housing benefits per month: 50.792 ISK

Household members: 2

• Maximum housing benefits per year: 810.641 ISK

• Maximum housing benefits per month: 67.553 ISK

Household members: 3

• Maximum housing benefits per year: 944.732 ISK

• Maximum housing benefits per month: 78.728 ISK

Household members: 4

• Maximum housing benefits per year: 1.023.967 ISK

• Maximum housing benefits per month: 85.331 ISK

Household members: 5

• Maximum housing benefits per year: 1.109.298 ISK

• Maximum housing benefits per month: 92.442 ISK

Household members: 6 or more

• Maximum housing benefits per year: 1.194.628 ISK

• Maximum housing benefits per month: 99.552 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: 12,5 million ISK

Maximum asset limit: 20 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: 11.231.717 ISK

Monthly income limit:

• Minimum: 474.231 ISK

• Maximum: 935.976 ISK

Members of household: 2

Annual income limit:

• Minimum: 7.568.727 ISK

• Maximum: 14.938.191 ISK

Monthly income limit:

• Minimum: 630.727 ISK

• Maximum: 1.244.849 ISK

Members of household: 3

Annual income limit:

• Minimum: 8.820.697 ISK

• Maximum: 17.409.170 ISK

Monthly income limit:

• Minimum: 735.058 ISK

• Maximum: 1.450.764 ISK

Members of household: 4

Annual income limit:

• Minimum: 9.560.497 ISK

• Maximum: 18.869.288 ISK

Monthly income limit:

• Minimum: 796.708 ISK

• Maximum: 1.572.441 ISK

Members of household: 5

Annual income limit:

• Minimum: 10.357.206 ISK

• Maximum: 20.441.733 ISK

Monthly income limit:

• Minimum: 863.101 ISK

• Maximum: 1.703.478 ISK

Members of household: 6 or more

Annual income limit:

• Minimum: 11.153.914 ISK

• Maximum: 22.014.169 ISK

Monthly income limit:

• Minimum: 929.493 ISK

• Maximum: 1.834.514 ISK

Tekju- og eignaviðmið frá 1. janúar 2024 - 31. maí 2024

Minimum asset limit: 8 milljónir
Maximum asset limit: 12,5 milljónir