Who qualifies for government subsidy in South Africa? Check it out | how to apply for flisp subsidy 2021

Your income must range between R3501 and R22 000 per month. You must be a South African citizen with permanent residency in South Africa. You must not have received a government housing subsidy before. You must be married or cohabiting OR single with financial dependents.

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 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.

What documents do I need to apply for Flisp?

Once you’ve received a home loan from a bank, the following documents are required, together with the completed FLISP application:
Certified copies of identity documents (IDs)Certified copies of dependents’ birth certificates.Certified copy of marriage certificate/ Final order of divorce.

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.

How much Flisp subsidy do I qualify for?

Your subsidy amount is based on your household income and ranges between R27 960 – R121 626. See the FLISP sliding scale below to determine your subsidy amount.

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.

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.

How long does Flisp take to be approved?

From the moment you submit, the application process is expected to take 7 days. The NHFC (National Housing Finance Corporation) are required to notify you of the result within 21 days at the most. During this period of time, the NHFC will assess whether you meet the criteria.

What is Flisp subsidy in South Africa?

FLISP stands for Finance Linked Individual Subsidy Programme. The FLISP Housing Subsidy programme was developed by the Department of Human Settlement to enable first time home ownership opportunities to South African citizens who earn between R3 501 and R15 000 per month.

How much must I earn to qualify for a home loan in South Africa?

In order to qualify, you must: have a household income that falls between R3,501 and R22,000 per month. be a South African citizen over the age of 18.

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.

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.

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).

How can I check my RDP house status?

How can I check my RDP house status?
Call 0800 146 873.Email info@dhs.gov.za.Perform a housing database check for Gauteng or other parts of the country from the HSS online subsidy portal.Visit your nearest Housing Provincial office with your Form C.

How do I apply for RDP housing?

To apply for an RDP house, you need to take the following documents to a provincial office of the Department of Human Settlement, or your municipal offices: Applicant and spouse’s identity documents (green book or ID card) Certified copies of birth certificates of children. Proof of income if working, e.g. salary slip.