Using our housing benefits calculator you can calculate the estimated housing benefits you are entitled to.
If you disagree with our decision on your housing benefits amount, you can request a recalculation. To do that you can send your reasoning and supporting documentation through My Pages HMS or by email to hms@hms.is.
Full housing benefits
Full benefits can be received if your income is below the minimum income limit and your assets are less than the minimum asset limit.
Housing benefits can never exceed 75% of the rental price.
A tax return must be filed in order to calculate the benefits.
If someone in the household is entitled to interest compensation from the tax office (vaxtabætur), the right to housing benefits is cancelled.
Household members: 1
Maximum housing benefits per year: 609.504 ISK
Maximum housing benefits per month: 50.792 ISK
Household members: 2
Maximum housing benefits per year: 810.641 ISK
Maximum housing benefits per month: 67.553 ISK
Household members: 3
Maximum housing benefits per year: 944.732 ISK
Maximum housing benefits per month: 78.728 ISK
Household members: 4
Maximum housing benefits per year: 1.023.967 ISK
Maximum housing benefits per month: 85.331 ISK
Household members: 5
Maximum housing benefits per year: 1.109.298 ISK
Maximum housing benefits per month: 92.442 ISK
Household members: 6 or more
Maximum housing benefits per year: 1.194.628 ISK
Maximum housing benefits per month: 99.552 ISK
The maximum amounts of housing benefits are reviewed annually during the national budget process.
Asset and income limits
Assets
The combined assets of everyone in the household (18 years and older) must be below the maximum asset limit. Assets are for example bank account balances, cars, caravans, motorcycles, real estate, and stock holdings.
Our calculations are based on net assets (assets minus liabilities) according to tax returns.
If assets are under the minimum asset limit you can receive full benefits
If assets are above the maximum asset limit you are not entitled to housing benefits.
If assets are between the minimum and maximum asset limits, benefits are reduced proportionately to the amount exceeding the lower limit.
Minimum asset limit: 12,5 million ISK
Maximum asset limit: 20 million ISK
Income
Income limits depend on the number of household members.
If the total income is less than the minimum income limit, you can receive full housing benefits.
If the total income is above the maximum income limit, you are not entitled to housing benefits.
If the total income is between the minimum and maximum income limits, housing benefits are reduced by 11% of the amount exceeding the minimum limit.
Our calculations are based on the total taxable income of all members of the household (18 years and older) before tax.
Income limits from January 1st. 2025
Members of household: 1
Annual income limit:
Minimum: 5.935.476 ISK
Maximum: 11.476.421 ISK
Monthly income limit:
Minimum: 494.623 ISK
Maximum: 956.368 ISK
Members of household: 2
Annual income limit:
Minimum: 7.894.184 ISK
Maximum: 15.263.648 ISK
Monthly income limit:
Minimum: 657.849 ISK
Maximum: 1.271.971 ISK
Members of household: 3
Annual income limit:
Minimum: 9.199.988 ISK
Maximum: 17.788.461 ISK
Monthly income limit:
Minimum: 766.666 ISK
Maximum: 1.482.372 ISK
Members of household: 4
Annual income limit:
Minimum: 9.971.600 ISK
Maximum: 19.280.391 ISK
Monthly income limit:
Minimum: 830.967 ISK
Maximum: 1.606.699 ISK
Members of household: 5
Annual income limit:
Minimum: 10.802.567 ISK
Maximum: 20.887.094 ISK
Monthly income limit:
Minimum: 900.214 ISK
Maximum: 1.740.591 ISK
Members of household: 6 or more
Annual income limit:
Minimum: 11.633.533 ISK
Maximum: 22.493.788 ISK
Monthly income limit:
Minimum: 969.461 ISK
Maximum: 1.874.482 ISK
Minimum asset limit: 8 millions ISK
Maximum asset limit: 12,5 millions ISK
Payments and amounts Q&A
Service provider
Housing & Construction Authority