Bank of Ireland launches home improvement fund

Nov 1, 2013 in Uncategorised

Bank of Ireland has unlocked 75 million euros in funding for homeowners who wish to conduct improvements on their properties.

Independent.ie says the news coincides with a launch for the country’s Home Renovation Tax Incentive Scheme. This will provide an income tax credit to people who wish to carry out work on their homes over the next two years.

So long as the work is done by a registered builder, Irish homeowners will be able to claim back 13.5 per cent on improvements between 5,000-30,000 euros.

Bank of Ireland says customers will be able to borrow up to 20,000 euros for making alterations to their homes and repay the cost over a lengthy term – using 20 years as an example. This means they’ll only have to pay back 125 euros a month and will be able to conduct improvements without having to save up for the privilege.

Homeowners can choose to take out a personal loan with the bank for ten years or, if they have a mortgage with the provider, arrange a mortgage top-up spread over a longer term.

Gavin Kelly, director of consumer banking at Bank of Ireland, said the organisation was glad to support the Home Renovation Tax Incentive Scheme in fuelling economic growth and employment in Ireland.

“Bank of Ireland is delighted to play its part by providing this new 75 million euro fund,” he told finfacts.ie.