Friday 20 October 2017

Bank of Ireland launches €75m home renovation scheme

Bank of Ireland’s Dublin HQ
Bank of Ireland’s Dublin HQ
Donal O'Donovan

Donal O'Donovan

Bank of Ireland has launched a €75m fund for borrowers seeking loans to renovate their homes, following the budget's new Home Renovation Tax Incentive Scheme.

Bank of Ireland said its new fund `represents a commitment to help homeowners “whether they are buying, moving or improving” a home.

The loans will be available in the form of personal loans over a term of up to ten years or, or a so called mortgage top-up for Bank of Ireland Mortgage customers, that would be added to an existing home loan. /

Bank of Ireland said the top-up option can mean a customer could borrow €20,000 for home improvements and spread the repayments over say 20 years for about €125 per month.

The new tax incentive scheme in Budget 2014 allows consumers claim back the VAT paid on qualifying work costing over €5,000 and up to a maximum of €30,000, as long as the job is done by a registered builder. 

The scheme works by creating a “tax credit” of up to €4,050 that will be granted in the two years after the year is done.

 

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