HMS provides loans for the purchase of affordable apartments throughout the country.

Housing loans

Calculate the estimated monthly payments of a new loan at HMS based on the terms offered at any given time.

Calculators:

Part of the HMS loan application process is the preparation of a payment assessment. The payment estimate is filled out electronically, so you need to have an electronic ID with you.

Payment- and credit-assessment:

It is important to seek immediate help before defaults become significant.

Solutions for payment problems:

Here you can find information about other services that HMS provides in connection with loans to individuals.

Other services:

If you enter into an agreement for the payment of arrears, collection actions will stop, but the loans will bear late interest for the duration of the agreement.​

If it is agreed to postpone payments, convert defaults or extend the loan period, the terms of the loan will be changed. In order for the terms to be changed, the loan must not be in arrears, or it has been agreed to add the arrears to the principal so that late interest will no longer be calculated and the collection action will stop.​​

It is to your advantage to make moderate use of the deferred payment because the payment after the deferred payment is higher than the regular payment before the loan was deferred.​

If arrears are added to the principal, the loan amount will increase and the regular payment after the arrears have been added to the principal will also increase.​​

A loan extension is the only option that can result in a lower monthly payment, but with a loan extension, the loan period and the number of remaining due dates will increase, so that the total loan payments will increase. View the effect of the loan extension with the calculator Change in loan period.​

We have the calculator Compare loan options which will simplify your process of calculating all loan options available in the marketplace.​

If you plan to pay into a loan, it pays to do so on the due date of the loan after the due date payment has been paid, otherwise you will start paying part of the next month's payment.

The Housing and Construction Authority provides indexed and non-indexed loans to individuals for the purchase, construction and renovation of apartments throughout the country. At the same time, those who have reduced working capacity, are disabled or have reduced mobility can get an additional loan if there are additional costs due to special needs when buying, building or modifying housing.

Housing benefit takes the form of monthly payments intended to assist those who rent residential premises, whether this is within the socially-assisted housing system, in student residences or on the open rental market. The Housing and Construction Authority handles the implementation of the Housing Benefit Act, No. 75/2016, and takes decisions regarding entitlement to housing benefit.

Húsnæðis- og mannvirkjastofnun

Mælaborð

Vefþjónustur

Mánaðarskýrsla HMS

Útgefið efni

Grunngögn til niðurhals

Vefsjár fasteigna

Gögn og mæliborð

Eignin mín

Lán til einstaklinga

Starfsleyfi og löggildingar

Húsnæðisbætur og leigumál

Rafmagnsöryggi

Umsóknir og eyðublöð

Ísland.is

Housing benefit & loans

Loan site

Öryggi mannvirkja

Um HMS

Upplýsingar

Fréttir og tilkynningar

Mælanleg gögn

Contact us

Hafðu samband

Are you considering buying a property but don't know how much the property can cost? You can then use the Housing and Construction Authority's preliminary payment estimate to estimate your ability to pay based on the declared equity. In order for the assessment to give the most realistic picture, we emphasize that the information you use when preparing the assessment gives a correct picture of your financial situation, in order to generate information about income and expenses.

When the result of the preliminary payment assessment is available, it is useful to use the Compare loan options calculator to compare loans and loan options available on the market and also to decide whether it makes sense to take over a loan rather than take out new loans. Be sure to check the terms of the loan in full before making the decision to take over.

It is important to check your ability to pay before making a purchase offer for real estate.

Part of the HMS loan application process is the preparation of a credit rating, which is carried out in collaboration with Creditinfo, and a payment rating fee is charged according to Creditinfo tariff at any time, which currently costs ISK 7,420* for an individual and ISK 14,310* for a couple. If a search in the databases on financial matters and creditworthiness gives a negative result, the payment and credit rating is declined and the borrower will then be sent the information about the results of the search in the database. When the applicant has completed the credit rating process he will receive the following data by e-mail: The credit rating results, a standard blank form, data from the Consumer Agency, a draft loan agreement, amortization table, payment plan and explanatory notes and counselling from the lender.

 *May change according to Creditinfo 's tariff

The Housing and Construction Authority's credit rating is based on examining the applicant's payment history and defaulter's list.

The reliability of the credit rating is based on how realistic the applicant is in the assessment of their financial situation. The credit rating is based on the current situation and it is necessary to keep in mind that the situation may change. The borrower's creditworthiness must be checked. That assessment is based on the business relationship history with HMS and information from financial and credit databases. During the assessment, the following databases are searched electronically:

HMS's customer register, where it is checked if the applicant own more properties with a loan from HMS, as the applicant can only own one apartment with a loan from HMS at any one time and the apartment must be intended for family residence.

About the assessment of the borrower's creditworthiness

When determining maintenance figures in the Housing and Construction Authority's payment and credit rating process, applicants can choose to use:

Typical criteria of the Ministry of Welfare.

If people choose to use their own real numbers, they cannot be lower than the basic set of standards of the Ministry of Welfare.

Consumption standards for households in Iceland

A criterion based on the actual expenditure of households according to expenditure study by Statistics Iceland. The typical criteria should reflect and give the most comprehensive picture of the typical expenses of Icelandic households. Then it is based on the median value of expenses, so that half of the households have lower expenses and the other half of the households have higher expenses. This is therefore neither a minimum nor a maximum standard.

The basic standard provides an indication of what people need as a minimum to support themselves.

Figures for living expenses in the credit rating

Questions and answers about a credit rating

When the applicant has checked his ability to pay by preparing a payment and credit rating and compared loan options on the market with a standard information sheet, the next step is to  apply for a loan.

HMS

HMS

Gögn og mæliborð

Preliminary payment estimate

Preliminary payment estimate

Preliminary payment estimate

HMS

Gögn og mæliborð

Prelimin­ary pay­ment estima­te

Prelimin­ary pay­ment estima­te

Preliminary payment estimate

Preliminary payment estimate

Preliminary payment estimate