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FLISP programme: How to become a homeowner

The dream of homeownership becomes a reality for low-income earners, thanks to the FLISP programme. Here's how you can become a homeowner through FLISP.

ooba: FLISP Programme

Article summary:

  • The FLISP programme helps you become a home owner by subsiding your home purchase.
  • You have to be a low-income earner (R3 501 — R22 000 per month) to qualify.
  • The subsidy can be paid straight into your home loan, or used as a deposit, increasing your chances of home loan approval and reducing your interest rates.

If you’re dreaming of homeownership but you assume you won’t be able to afford it, the FLISP programme is what you’re looking for. It makes homeownership a reality for low-income earners.

We detail what you need to know about FLISP.

The FLISP programme: How it helps you become a homeowner

FLISP (Finance Linked Individual Subsidy Programme) is a government programme that subsidises your home purchase.

Depending on how much you earn, the subsidy can range from R30 001 to R130 000.

How the subsidy helps you become a homeowner:

  • You can use it as a deposit, improving your chances of home loan approval.
  • You can pay it into your home loan as an extra payment, reducing your monthly repayments and interest rates. Use our Extra Payments Calculator to determine the amount by which it will reduce your monthly repayments and home loan term.

So it helps you become a homeowner by providing you with the funds and increasing your chances of home loan approval.

But don’t I need a home loan before I can apply for FLISP?

This used to be the case, but no longer.

You can now use other sources of finance to apply, such as:

  • 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

Do I qualify for FLISP?

If you meet the following criteria, you’re on your way to acquiring a FLISP subsidy:

  • 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.

How do I apply for FLISP?

You can apply with your financial institution, but at ooba Home Loans we make it easier by submitting the application on your behalf and monitoring the status of your application.

FLISP Application Process

As you can see, the FLISP application process is simplified with the help and guidance of a home loan comparison service. So long as you meet the requirements, you can apply with minimal hassle.

Are you interested in applying for FLISP? Get all your questions answered, such as whether you qualify, how to apply and how FLISP can be used to acquire your first home.

Apply for a housing subsidy

FLISP offering homebuyers a subsidy on their first home.

Do I qualify?

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