Buying a home for the first time can be very costly due to the transfer and bond registration costs and the banks also want you to have a deposit. The Department of Human Settlements developed FLISP, which is a subsidy to enable first time home buyers to afford buying a home.
What is the amount of the subsidy?
It starts at R10 000 and the maximum amount is R87 000. The actual amount you qualify for is linked to your salary. The less you earn, the higher your subsidy
Who qualifies for FLISP?
Those who earn between R3 501 and R15 000 per month as a household income
When can one apply for the subsidy?
Once your application for a home loan has been granted or approved by a bank then you can apply for the subsidy. The bank should inform you about the subsidy. You should ask your estate agent and the bank about the subsidy.
How is your subsidy used?
If you apply for a bond of R300 000 and the bank approves only R250 000, this means you must put down a deposit of R50 000. FLISP can then pay the R50 000 and you pay for a home loan of R250 000.
If you apply for a bond of R300 000 and the bank approves the R300 000; FLISP will pay the bank R50 000 and your home loan amount would still be R250 000
FLISP does NOT help those who want to buy or build homes in the rural areas.
Listen to the podcasts on our FB page and our website www.thuthuka-sa.co.za >Media >UkhoziFM podcasts to understand more about FLISP
To get more details about FLISP, click on the link http://www.nhfc.co.za/Products-and-Services/flisp-overview.html
PLEASE REFER ALL QUESTIONS ABOUT FLISP TO THE DEPARTMENT OF HUMAN SETTLEMENTS OR SPEAK TO YOUR BANK/ ESTATE AGENT WHEN YOU ARE BUYING A HOME
Help offered by ThuthukaSA for home buyers
- Visit our website www.thuthuka-sa.co.za > Bond Calculators to find out how much you qualify for, what your monthly bond repayments are going to be, etc…
- See articles in our Blog and FB page about buying a home so you know what the legal costs and the monthly costs of buying a home are
- We can also give you very affordable life cover. Life cover is necessary when you buy a home. If you die while you are still paying for your home loan, your life cover would pay out the balance of your home and the remaining funds will be for your beneficiaries.
- We can refer you to the mortgage originator who can help you get a home loan with a bank. There is NO payment to the mortgage originator, the service is FREE of charge to you
Drop us an email firstname.lastname@example.org for life cover and for details of the mortgage originator.