Galway Bay fm newsroom - Galway city councillors have approved a €5m loan to expand a scheme which provides mortgages to those who cannot secure finance from banks.
To date, the city council has approved 38 applications under the Rebuilding Ireland Home Loan Scheme – for a total value of €6.6m.
At last night’s meeting of the local authority, Councillors voted unanimously to approve the seeking of a further €5m from the Department of Housing to continue the scheme.
It offers a loan of up to 90 percent to a maximum value of €320 thousand in Galway City – and applicants must have a deposit, employment history and credible savings record.
The income of a single applicant must not exceed €50 thousand while the combined income of a couple must not be greater than €75 thousand.
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