If you’re a low-income earner, the government may subsidise your home purchase if you meet the criteria. This subsidy is known as First Home Finance.
This subsidy ranges from R30 001 to R130 000 and improves your chances of home loan approval while enabling you to reduce the interest rates and monthly repayments of your home loan.
The criteria for qualification are:
- Your income must range from R3 501 to 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.
- You must be over 18 years old.
- You must not have owned a fixed residential property before.