Each year, when a confirmed tax return is available, usually around the end of May, beginning of June, we make a final settlement for the previous year.
If your income or assets have changed in the previous year it is possible that your housing benefits have either been overpaid and you are therefore in debt, or you have not received the full benefits amount you were entitled to for that year.
Credit balance
Credit balances will be transferred into your personal account registered in your housing benefits application.
Debt
If you are still receiving housing benefits, overpaid benefits will be deducted from the next benefits payments but never more than 25% of each months benefits amount. You can also request to get a collection claim and pay off the entire debt immediately.
If you are no longer receiving housing benefits, you can contact us and ask us to split the payment into monthly payments over a period of up to 12 months. Each payment must be 10,000 ISK or more.
Income limits and housing benefits amount in 2024
January 1 - May 31 2024
Household members | Minimum monthly income limit | Maximum monthly income limit | Maximum housing benefits per year: | Maximum housing benefits per month: |
|---|---|---|---|---|
1 | 474.231 ISK | 843.626 ISK | 487.596 ISK | 40.633 ISK |
2 | 627.209 ISK | 1.115.763 ISK | 644.892 ISK | 53.741 ISK |
3 | 734.293 ISK | 1.306.259 ISK | 754.992 ISK | 62.916 ISK |
4+ | 795.484 ISK | 1.415.115 ISK | 817.908 ISK | 68.159 ISK |
June 1 - December 31 2024
Household members | Minimum monthly income limit | Maximum monthly income limit | Maximum housing benefits per year: | Maximum housing benefits per month: |
|---|---|---|---|---|
1 | 474.231 ISK | 935.976 ISK | 609.504 ISK | 50.792 ISK |
2 | 630.727 ISK | 1.244.849 ISK | 810.641 ISK | 67.553 ISK |
3 | 735.058 ISK | 1.450.764 ISK | 944.732 ISK | 78.728 ISK |
4 | 796.708 ISK | 1.572.441 ISK | 1.023.967 ISK | 85.331 ISK |
5 | 863.101 ISK | 1.703.478 ISK | 1.109.298 ISK | 92.442 ISK |
6+ | 929.493 ISK | 1.834.514 ISK | 1.194.628 ISK | 99.552 ISK |
Asset limit of the year of 2024:
January 1 - May 31
Minimum asset limit: 8 million ISK.
Maximum asset limit: 12,8 million ISK.
June 1 - December 31
Minimum asset limit: 12 million ISK.
Maximum asset limit: 20 million ISK.
Final settlement Q&A
Service provider
Housing & Construction Authority