You submit your FLISP application, which you can do with the assistance of ooba Home Loans (we submit your application and monitor its progress).
If your application is approved, the National Housing Finance Corporation (NHFC) will pay the subsidy into your account. The size of the subsidy depends on your income. See below:
How you use this subsidy is up to you. For example, you can use this subsidy as a deposit or pay it into your home loan account. Either option reduces your interest rates and makes you more likely to gain home loan approval.
Note that you need to meet the following criteria in order to qualify for FLISP:
- 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.