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How does FLISP work?

You used to have to apply for a home loan and have the application approved before you could apply for FLISP, but as of April 2022, this is no longer necessary. You can now use other sources of finance to apply, including:

  • the beneficiary’s pension/provident fund loan
  • a co-operative or community-based savings scheme, i.e. stokvel
  • the Government Employees Housing Scheme
  • any other Employer-Assisted Housing Scheme
  • an unsecured loan
  • an Instalment Sale Agreement or Rent-to-own Agreement

If the NHFC (National Housing Finance Corporation) determines that you are eligible for a subsidy, it will be transferred diretly into your home loan account, thereby reducing your monthly repayments for the home loan.

In order to qualify for FLISP, you need to meet the following criteria:

  • You must have an income within the R3501 to R22 000 range.
  • 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.

You can apply for FLISP with the assistance of ooba Home Loans. We will handle the application on your behalf and keep you up to date with its progress.

Apply for a housing subsidy

FLISP offering homebuyers a subsidy on their first home.

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Ooba home loans services are simply the best. My Consultant Bianca Dancer was so hands on and helpful from the get go. She guided me through the entire process and put me at ease being a first time buyer. I highly recommend their services.

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Estelle Vorster was really helpful in securing the best deal for my home loan, she not only negotiated a lower interest rate she went as far as securing 50% discount on the transfer costs.

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