The property must:
- Be situated in the Republic of Ireland
- Be in a habitable condition acceptable to the Local Authority, supported by a Valuation Report conducted by an approved independent or Local Authority Valuer.
- Have a good marketable title.
- Have a prevailing market value on the day of purchase or commencement of self-build, which does not exceed the property values specified in the Housing Loans Regulations 2021 (SI No 701 of 2021) or any Regulations or enactment amending or replacing those Regulations.
- Adequate home insurance must be in place, and the Local Authority's interest must be noted on the policy
The maximum market value of the property to be purchased is:
€360,000 in Dublin, Kildare or Wicklow, or
€330,000 in Cork, Galway, Louth or Meath, or
€300,000 in Clare, Kilkenny, Limerick, Waterford, Westmeath or Wexford, or
€275,000 in Carlow, Cavan, Donegal, Kerry, Laois, Leitrim, Longford, Mayo, Monaghan, Offaly, Roscommon, Sligo or Tipperary.
The market value of the property can be above these limits if the property is available through the Local Authority Affordable Purchase Scheme.
The Local Authority Affordable Purchase Scheme is for first-time buyers purchasing newly built properties, whose mortgage and deposit will not cover the market value of the home. Applicants can apply for a mortgage under the Local Authority Home Loan scheme as long as the purchase price (the difference between the market value of the property and the purchase price paid by the applicant) is within the Local Authority Home Loan scheme limits for market value as set out above.