FINANCE LINKED INDIVIDUAL SUBSIDY PROGRAMME (FLISP)
DESCRIPTION OF FLISP:
The Finance-linked Individual Subsidy Programme is an instrument that assists qualifying households by providing a once-off down payment to acquire a residential property for the first time homebuyer.
The main purpose of the FLISP subsidy is to reduce the initial mortgage loan amount granted to potential beneficiaries in order to render the monthly repayments more affordable over the loan repayment term.
CRITERIA FOR FLISP ELIGIBILITY:
In order to be eligible for the FLISP subsidy, potential beneficiaries will have to comply with the following criteria and must;
- Be a South African citizen
- Earn between R3 501 and R22 000 per month (single or joint)
- Have 13-digit barcoded ID book or be a permanent resident with a permanent residence permit
- Be a first-time home owner
- Never have had a previous housing capital subsidy from the State
- Be married or habitually co-habiting
- If single, have financial dependents (if >60 years, this criterion does not apply
- Have gross or single or combined income between R3 501 and R22 000
- Be over the age of 18 years and legally competent to contract
Certified copies of the following documents are to accompany the FLISP application:
- Letter confirming loan approval
- Identity Document(s) of applicant(s)
- Marriage Certificate(s), where applicable
- Birth Certificate(s) of financial dependent(s), where applicable
- Death Certificate or Divorce Decree, where applicable
- Original and most recent Confirmation of income /salary slip not older than 3 months/ affidavit confirming unemployment/proof of social grant
- Deed of Sale / Offer to purchase
- Bond approval letter
In cases where a registered owner of an erf is applying for the subsidy to construct/complete a house, certified copies of the following additional documents must be supplied:
- Applicant’s Title Deed (instead of Deed of Sale)
- Council-approved building plan
- Quotations from the builder/contractor/supplier/hardware store
Mortgage Express will assist, submit and track your FLISP Application on your behalf.
Contact us for more information.