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Are you a first-time home buyer with a combined household income between R3 501 - R22 000?
The Finance Linked Individual Subsidy Program (FLISP) might be for you.
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#AllThingsPropertySA
The Finance Linked Individual Subsidy Program (FLISP) might be for you.
A thread
#AllThingsPropertySA
We're going to be looking at the following:
What is FLISP?
How does it work?
Who qualifies?
#AllThingsPropertySA
What is FLISP?
How does it work?
Who qualifies?
#AllThingsPropertySA
What is FLISP?
FLISP s a housing subsidy for first-time home buyers by the Department of Human Settlement. It assists first-time home buyers with a once-off lump sum which assists them with purchasing a home.
#AllThingsPropertySA
FLISP s a housing subsidy for first-time home buyers by the Department of Human Settlement. It assists first-time home buyers with a once-off lump sum which assists them with purchasing a home.
#AllThingsPropertySA
What can you use a FLISP subsidy for?
- Cover legal fees for the transfer of the property.
- Bond registration fees.
- As deposit of a property.
#AllThingsPropertySA
- Cover legal fees for the transfer of the property.
- Bond registration fees.
- As deposit of a property.
#AllThingsPropertySA
What are the requirements?
- You must be a SA Citizen
- You must be a first-time home buyer
- Combined household income between R3 501 - R22 000
- Must have a dependent
- Already approved/ pre-approved for a home alone by a financial institution
#AllThingsPropertySA
- You must be a SA Citizen
- You must be a first-time home buyer
- Combined household income between R3 501 - R22 000
- Must have a dependent
- Already approved/ pre-approved for a home alone by a financial institution
#AllThingsPropertySA
What are the requirements?
- You must not have benefited from a housing subsidy scheme before (for example RDP)
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- You must not have benefited from a housing subsidy scheme before (for example RDP)
#AllThingsPropertySA
So how does FLISP work?
- The subsidy is registered over the property.
- It works on a sliding scale. The more you earn the less you get & vice versa eg. If your household income is R3 700 you could get R120 000 and if it's R20 000 you could get R30 000
#AllThingsPropertySA
- The subsidy is registered over the property.
- It works on a sliding scale. The more you earn the less you get & vice versa eg. If your household income is R3 700 you could get R120 000 and if it's R20 000 you could get R30 000
#AllThingsPropertySA
This is a subsidy therefore you don't pay it back. You only get it once for one property. You can't get the subsidy when acquiring land but you can get it on a building bond.
#AllThingsPropertySA
#AllThingsPropertySA
So how do you apply?
- The Department of Human Settlement has the forms. Attach all necessary documents & submit to them.
- Apply online
- There are companies that apply on your behalf for about R1 500.
#AllThingsPropertySA
- The Department of Human Settlement has the forms. Attach all necessary documents & submit to them.
- Apply online
- There are companies that apply on your behalf for about R1 500.
#AllThingsPropertySA
How long does it take?
The length of the process is as long as that of a bond registration. Let's say you apply as soon as your bond is approved by the time the bond comes up for registration the subsidy should be ready.
#AllThingsPropertySA
The length of the process is as long as that of a bond registration. Let's say you apply as soon as your bond is approved by the time the bond comes up for registration the subsidy should be ready.
#AllThingsPropertySA
The FLISP subsidy works slightly differently in the different provinces. Certain terms and conditions may vary depending on your province.
#AllThingsPropertySA
#AllThingsPropertySA
