You can apply for First Home Finance before applying for a home loan. Options you have as a source of finance include:
- 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.
You can apply online with ooba Home Loans. We submit the paperwork and monitor the application process, updating you as needed.
If your application is approved, you will receive a subsidy ranging from R30 001 to R130 000. You can use this subsidy as a deposit or pay it directly into your home loan.
In order to qualify for First Home Finance, you must meet the following criteria:
- 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.