How Much Flisp Do I Qualify For
Being a homeowner is an excellent investment, but acquiring a home can be a daunting task, especially when it comes to the finances. Fortunately, the government has provided First-time Homebuyer subsidies to assist those eligible in the purchasing process.
What is FLISP?
FLISP is an acronym for "Finance Linked Individual Subsidy Program." It is a program initiated by the Department of Human Settlements and NHFC to which aims to enable eligible individuals, who are South African citizens, to purchase homes priced between R3000 000 to R1 500 000 through a subsidy that links beneficiary access to an NHFC approved credit provider.
Who qualifies for FLISP subsidy?
The government has set specific requirements that applicants must meet to qualify for the FLISP subsidy.
- Must be a first-time Homebuyer
- Must be a South African citizen
- The combined gross income of household must range between R3 501 up to R22 000 per month, depending on the location of the property.
- The applicant must have a dependent
- The applicant must be 18 years or older
How much FLISP will I qualify for?
The amount of the subsidy allocated to qualifying applicants is dependent on the household's total gross income as outlined in the table below:
| Gross monthly earning range | Unit type | Subsidy amount |
|---|---|---|
| R3 501 - R3 750 | All | R87 000 |
| R3 751 - R4 000 | All | R73 000 |
| R4 001 - R4 250 | All | R61 000 |
| R4 251 - R4 500 | All | R50 000 |
| R4 501 - R4 750 | All | R40 000 |
Applicants whose household income exceeds R22 000 do not qualify for the FLISP subsidy.
Conclusion
The FLISP subsidy program is a great initiative that enables first-time Homebuyers access to affordable houses. Aspiring homeowners who meet the qualifications requirements can take advantage of this program - it is crucial to understand the amount of subsidy an applicant is eligible for and what the affordability levels are before considering purchasing a home.
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