What is FLISP and why must I take note of it?
Buying a home for many people is a dream come true and a great achievement. Stakeholders involved in the buying and transfer process are privileged to undertake the journey with the parties to such a transaction.
First-time home buyers in particular may find themselves overwhelmed with new information, which is often accompanied by unfamiliar documents or processes, which they are expected to understand and append their signature to.
The financial aspects linked to a property purchase can be very daunting and a need may arise in certain instances to consider funding opportunities.
Finance Linked Individual Subsidy Program (“FLISP”):
The purpose of FLISP is to assist first-time homebuyers with the acquisition of residential property.
The amount available through FLISP ranges between R27 960.00 and R121 626.00, dependent on the level of household income, which is a considerable saving for many households.
To qualify for FLISP you have to meet the following requirements:
- A South African Citizen with a valid ID or permanent resident with a valid permit;
- You must be a first-time home buyer who earns a gross income between R3 501.00 and R22 000.00 per month per household;
- You must have obtained an approved home loan from an accredited South African Financial Institution; and
- You must have a financial dependent.
Stakeholders in the property industry can assist qualifying first-time home buyers to access the benefit of FLISP and broaden their price range or make their desired home more affordable.
For more information on the FLISP subsidy and the application process please visit the following link:
