Purchase of first apartment

  • How are additional pension savings utilised in purchasing a first apartment?

    First-time buyers can use additional pension savings to save for a down payment, make payments on a loan or both make loan payments and lower the burden of payment off un-indexed loans.

    The maximum annual amount for everyone is ISK 500,000.

    Additional pension savings may be utilised to buy a first apartment over a continuous 10-year period.

    Application is made on the website of The Director of Internal Revenue skatturinn.is

  • Is there a maximum amount?

    Yes, the maximum amount per individual is ISK 500,000 per year, for a continuous period of 10 years.

  • Do I utilise additional pension savings only for the down payment?

    No, you can also utilise additional pension savings to pay off a loan or both pay off a loan and lower the payment burden of unindexed loans.