You apply for a special needs loan on the HMS Loan web. There you enter information about yourself, the property, your needs and what kind of loan you wish to take. If you are also applying for another loan from HMS, you can apply for a special needs loan at the same time.
Our loan advisors can assist you with your application by phone or in person at our office in Borgartún 21, Reykjavík.
The application must include:
Medical certificate or a certificate from the
Description of special needs, description of alterations, additions or new accommodation, and justification of their necessity.
Confirmation of personal funds, for example, a bank statement.
Last tax report’s tax assessment results.
Relevant documentation, see below.
Following your application, you will be directed to CreditInfo for a credit assessment, to check your credit score.
You will receive confirmation of receipt by email when the application has been submitted. A loan advisor will contact you within 3 business days. If additional documentation will be requested it is important to submit them within the given deadline, otherwise the application will lapse.
You can always check the status of your application here HMS Loan web.
Loans for housing conversions
Other additional documents:
When the conversion is complete, you must submit confirmation of conversion costs
and project completion (signed by a an authorized body), as well as copies of invoices for purchases of goods and labor. It is best to email this to the loan advisor you have been in contact with.
Loan approved
As soon as we have received confirmations of conversion costs and project completion, the loan is sent for documentation. This usually takes 1-3 business days.
When the loan documents are ready, you can pick them up during our opening hours in Borgartún 21, Reykjavík and take them to the District Commissioner’s office (Sýslumaður) for registration (þinglýsing).
When the loan documents have been registered at the District Commissioner’s office (Sýslumaður), you can either mail them to us or bring them to our office in Borgartún 21, Reykjavík.
Loans for the purchase of housing
Other additional documents:
A signed offer of purchase and a sales record.
If the loan is in addition to a loan from another credit institution we will need confirmation of the amount and credit terms of that loan.
Loan approved
As soon as a loan application is approved, the loan is sent for documentation. This usually takes 1-3 business days.
When the loan documents are ready, you can pick them up during our opening hours in Borgartún 21, Reykjavík. Next you have to take them to the District Commissioner’s office (Sýslumaður) for registration (þinglýsing) along with the purchase agreement.
When the loan documents have been registered at the District Commissioner’s office (Sýslumaður), you can either mail them to us or bring them to our office in Borgartún 21, Reykjavík.
Disbursement
The loan is paid out 1-2 business days after receipt of the loan documents.
The first interest date is 5 days from the loan purchase date. The first instalment of the loan will be on the first day of the second month thereafter.
Example: The first interest date is January 10. The first instalment will be on March 1.
You can check the status of your loan and make extra down payments here HMS My pages.
Loan denied
If a loan application is denied, you will receive an email with our formal ruling and there you can see our reasons for refusal. You can contact us by email or phone and a loan advisor can give you further information on our decision and what is needed to get a loan.
HMS rulings can be appealed to the Welfare Appeals Committee
Service provider
Housing & Construction Authority