Skip to content

How can I buy a house with no money in South Africa?

If you’re a low to middle-income earner, home ownership is now a possibility thanks to FLISP, a government programme that subsidises home loans.

FLISP: How To Buy House With No Money South Africa

In order to qualify, you must have an income of R3 501 to R22 000 per month.

Other FLISP requirements

  • 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 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

The application process usually takes 7 days. If your application is granted, the subsidy will be paid into your home loan account.

You do not have to repay this subsidy at any point!

Apply for a housing subsidy

FLISP offering homebuyers a subsidy on their first home.

Do i qualify?

Ranked #1 in Financial Services on Hellopeter

hello-peter
image-stars

Average rating of 4.82 from over 3 000 reviews

Simply The Best

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.

Tia J

Excellent Service

Jay Govender and Maleshini Reddy from OOBA provided outstanding assistance and guidance in securing our home loan. Response times were excellent and they were professional and friendly.

Brice G

Bond Application

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.

Butana M