Cape Coastal Homes Logo
You are here: Cape Coastal Homes / Latest News / Sa First Time Homebuyer Subsidy Increased

SA First-Time Homebuyer Subsidy Increased

SHOWING ARTICLE 394 OF 1096
GALLERY

SA First-Time Homebuyer Subsidy Increased

The government's Finance Linked Individual Subsidy Programme (FLISP) has expanded its qualifying criteria and now allows first-time homebuyers who earned a gross salary of up to R22 000 to qualify for a subsidy.

In July 2018 the value of first-time homebuyers subsidies were increased and the qualifying criteria extended from a income limit of R15 000 to R22 000.

Previously, the subsidy for people who earned R12 000 was R37 650, while now beneficiaries can qualify for a subsidy of R77 915 on the same salary.

Households or individuals who earn a gross salary of R15 000 previously qualified for a subsidy of R20 000 can now get a subsidy of R62 304, while locals with an income of R22 000 are eligible for a subsidy of R27 960.

There are no restrictions on the type of property you can purchase if you make use of the subsidy, whether it is an existing home or a new property development.

What is FLISP?

The FLISP programme is a housing subsidy for first-time home buyers that assists them with purchasing a home. The subsidy is paid to your bank or financial institution and will reduce your required monthly loan installments, making it more affordable to purchase a home. Households with an income between R3 501 and R22 000 may qualify for the FLISP subsidy if they meet all other criteria.

Qualifying Criteria:  

- You earn between R3 501 to R22 000

- You are a South African citizen or have permanent residency in South Africa

- You have not received a government housing subsidy before

- You have not owned fixed residential property before

- You are competent to contract - over 18 years

- You are married or cohabiting

- You are single with financial dependents.

Author Cape Town ETC
Published 14 Feb 2019 / Views -
Disclaimer:  While every effort will be made to ensure that the information contained within the Cape Coastal Homes website is accurate and up to date, Cape Coastal Homes makes no warranty, representation or undertaking whether expressed or implied, nor do we assume any legal liability, whether direct or indirect, or responsibility for the accuracy, completeness, or usefulness of any information. Prospective purchasers and tenants should make their own enquiries to verify the information contained herein.