- You need to be fall within the correct income bracket (R3 501 to R22 000 per month).
- You need to be a South African citizen and to have never benefitted from a government programme before.
- You have a range of options when applying for a source of finance.
FLISP is the government housing subsidy that makes the dream of home ownership a reality for low-income earners. But how do you qualify for FLISP? We answer your questions here.
How do you qualify for FLISP?
- Fall within the right income bracket (R3 501 to R22 000 per month)
- Meet the other criteria listed below.
- Have a source of finance (you have many options).
1. Fall within the fight income bracket
The subsidy is aimed at people in a low-income bracket.
The subsidy ranges from R30 001 to R130 000, depending on your income. The lower your income, the higher the subsidy.
For more detail, see the chart below:
2. Meet the other criteria
Aside from falling within the correct income bracket, the criteria are as follows:
- 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.
3. Have a source of finance
You used to have to apply for a home loan and have it 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.
Applying for FLISP
Apply with your financial institution or with the help of an comparison service such as ooba Home Loans.
ooba Home Loans can expedite the process by submitting the documentation on your behalf and monitoring the application.
So if you’re an aspiring home owner in a low income bracket, it’s easy to qualify for FLISP and secure the subsidy that will secure you bond approval.
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.
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