HOUSING SUBSIDY FOR FIRST-TIME HOME BUYERS
Flisp Subsidy The Finance Linked Individual Subsidy Programme (FLISP) is a government housing subsidy. It is aimed at helping first-time home buyers who earn between R3501.00 and R22 000.00 per month. per month. The amount of the subsidy depends on the income bracket of the applicant and ranges between R30 000.00 and R130 505.00. The lower the income, the higher the subsidy.
The subsidy can be used to purchase an existing residential property or pay for Transfer or Bond Costs. It can also be used as a deposit or build a new home with the help of a registered builder.
Qualifying criteria
• The gross household income of the applicant must be between R3,501 and R22,000 per month;
• The applicant must be South African citizen or have a permanent residency permit;
• The applicant must be at least 18 years old and have the capacity to enter into a contract;
• The applicant must be either married, co-habiting or single with dependents;
• The applicant has not previously received a government housing subsidy;
• The applicant has not owned fixed residential property before.
Applying for FLISP
In order to apply for FLISP, the applicant must be in the process of purchasing a property. Once the applicant has obtained the application form from the Department of Human Settlements, the form, together with the following supporting documents must be submitted:
• Certified copies of identity documents (IDs);
• Certified copies of dependents’ birth certificates;
• Certified copy of marriage certificate/ Final order of divorce;
• Original recent payslip/affidavit confirming unemployment/ proof of social grant;
• Certified copy of the deed of sale/ offer to purchase, if applicable;
• Certified copy of the bond approval/ bond quotation, if applicable;
• Original/ certified copy of the statement of transfer cost from transferring attorney, if applicable.
Thanks to RC Smith + Associates for the above details.
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Unit 1 Roslyn Corner, Roslyn Street, Brackenfell, Cape Town, 7560
