Financed Linked Subsidy Programme (FLISP) Quick Guide. The FLISP programme is a housing subsidy for first-time home buyers to assist with purchasing a home. The subsidy is paid to your bank or financial institution and will reduce your monthly loan instalments, making it more affordable to buy a home.
How do you qualify for Flisp in South Africa?
Requirements for FLISP
Earn either a single or joint gross monthly household income of between R3 501 to R22 000.Be a first time home buyer.Be over the age of 18 years.Have financial dependants.Have never benefitted from any Government Housing Subsidy Scheme before.
Do first time home buyers get a subsidy South Africa?
Article summary. FLISP is a government programme that grants a subsidy to first-time homebuyers earning between R3,501 and R22,000 a month. However, the homebuyer must first qualify for a home loan and must be either married, cohabiting or single with at least one dependant.
How can I get Flisp subsidy in Gauteng 2022?
You can then discuss an application with your financial institution, contact the nearest municipality for advice, or submit an application form at the Department of Human Settlements. You will require the following documents along with your FLISP application form: Certified copies of identity documents (IDs).
How much do you get from Flisp?
Depending on your monthly income, the FLISP subsidy amount you qualify for may range from R27 960 up to R121 626 – see the FLISP Subsidy Quantum Table for more information.
How long does it take for a government subsidy to be approved?
The application process takes approximately seven working days. If you need the money for the deposit, it will be paid into your account within five working days from the date of lodgement at the deeds office. If you don’t need the money for the deposit, it can be paid after registration.
Can I apply for Flisp after bond registration?
It is also permitted to apply for FLISP after your bond is registered, however, the application must be sent within 12 months.
Can Flisp be used for transfer costs?
How can the Flisp subsidy be used? It can be used to pay a home loan deposit or to decrease the size of a home loan. De Waal says in the Western Cape, the subsidy can also be used to cover the transfer or bond registration costs.
When was Flisp introduced?
First introduced in the country in 2012, FLISP was offered as part of a home-loan-only option and was limited to people earning between R1,500 – R15,000 gross monthly income.
What benefits does a first time buyer have?
What are the advantages of being a first-time buyer?
Financial benefits. Preferred buyer. Move from family home. No more wasted rent. Freedom to finally make that perfect family home a reality.
What discount do first time buyers get?
While 30% will be the standard discount under the scheme, if a local authority can prove there is a need for a higher discount, some areas may have properties for sale with 40% or even 50% off their valuation price.
How long does bond Approval take FNB?
The Bond Attorney prepares the bond documents and the buyer signs these documents and pays the cost. The Bond Attorney lodges the documents at the deeds office. The deeds office receives the documentation and checks it before being registered. This process can take about three months from the date of approval.
What documents are needed for Flisp?
FLISP application: What you need
Certified copies of identity documents (IDs).Certified copies of dependents’ birth certificates.Certified copy of marriage certificate/ Final order of divorce.Original recent payslip/affidavit confirming unemployment/ proof of social grant.
How is subsidy amount calculated?
Government subsidy amount
It is to be calculated at a discount rate of 9 per cent. For calculating NPV of the subsidy, one will need the loan’s amortisation schedule as the interest portion of each equated monthly instalment (EMI) has to be considered.
How can I get a free house in South Africa?
To qualify you must:
Be a South African citizen.Be contractually capable.Be married or habitually cohabit with a partner.Be single and have financial dependants.Earn less than R3500. Be a first time government subsidy recipient.Be a first time home owner.Single Military Veterans without financial dependant.
How do I check my RDP status?
How To Check My RDP House Status. You can check the status of your RDP house by calling 0800 146 873 or sending an email to email firstname.lastname@example.org. Alternatively, you can confirm the progress by visiting your nearest Housing Provincial office with Form C.
Do banks finance RDP houses?
It’s not that banks aren’t financing the RDP houses — it’s simply that the scale is so small. CAHF data shows that Standard Bank has been the most active in the market, but it financed just 715 of the total 11,000 RDP houses sold in 2017.
How does the housing subsidy work?
A housing subsidy is not a cash pay-out but is paid directly to the financial institution from which you are receiving a housing bond (in the case of credit-linked individual subsidies) or the seller (in the case of non-credit-linked individual subsidies).