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The housing loan scheme implemented by the local authorities failed at the very beginning.

Dublin: A house loan scheme launched by local governments in Ireland failed from the outset. According to statistics, two-thirds of individuals who applied for the initiative, which began earlier this year, were denied a home loan. Out of 1,483 applications, 927 (62%) were denied for various reasons. So far, only 656 people have received loans.

This program was created to help people who are unable to obtain bank financing. People had high hopes for this idea, but history reveals that it did not materialize.

The scheme was piloted following the success of the Rebuilding Ireland Home Loan Scheme. The income limit is €65,000 for a single applicant and €75,000 for a joint application.

Many candidates are turned down because they refuse to take money such as Carer’s Allowance. Other causes for loan rejection include insufficient funds to repay the loan, a low net income ratio, and an unacceptable savings record.

Meanwhile, according to the housing department, the evaluation of income connected to caregiver allowance by banks is a subject of the banks’ credit standards, and the government has no role in determining it. According to the housing department, a local government housing loan is not the same as a commercial mortgage loan.

Meanwhile, Sinn Fein has issued a demand to resolve the issue. O’Brien, Sinn Fein’s housing spokesperson, has requested that the loan scheme be reviewed. The scheme’s income and lending limitations are out of date. If the vast majority of those who apply do not receive loans, the spokesman accuses them of recognizing that something is wrong with the plan.

MORE ABOUT LOAN SCHEME

https://localauthorityhomeloan.ie/

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