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Tuesday Mar 22, 2016

Time running out for FLISP subsidy applications

The Institute of Estate Agents of SA (IEASA) Western Cape has been actively involved in educating the public and estate agents about the Finance Linked Individual Subsidy Programme (FLISP), a home loan subsidy for people whose gross combined household income is between R3 501 and R15 000 at the time of the home loan approval.

Time is running out to submit applications and Annette Evans, general manager of the Institute, Western Cape, asks estate agents to notify all of their clients who bought property from March last year to date, to submit FLISP applications before the end of the month.

These retrospective dates apply only to the Western Cape," says Evans.

"Any subsidy granted through this programme by the Department of Human Settlements exists to encourage homeownership and will never need to be repaid.

"This is a huge opportunity for agents to offer a value-added service to their clients.

"It is hard to believe with all the pressure on homeowners that there is still a ray of sunshine somewhere and it comes in the form of a government FLISP subsidy for first-time home-buyers and current new homeowners.

"In addition, the Department of Human Settlements will relax its income requirement by applying the income of the applicant at the time of bond approval and not the income on the date of the FLISP application. Existing homebuyers should submit their FLISP applications before the end of March, which is the end of the budget financial year."

This initiative can be a huge boost for new homeowners - considering the interest rate hikes over the past 12 months.

The qualifying criteria are that:

  • The current homeowner took transfer from March last year to date, or whose home loan has already been approved but they have not yet taken transfer.

  • The owner has a gross combined household income between R3 501 and R15 000 at the time of the home loan approval.

  • The approved home loan should be from one of the four major SA banks or SA Home Loans.

  • They must be first-time homeowners and if they are single they should have dependants.

  • Applicants must be South African citizens or hold valid residence permits.

    Homeowners and homebuyers can apply directly to the Department of Human Settlements or make use of a paid for service at www.flisp.co.za.

    IEASA holds regular property updates for property professionals - to keep abreast of these, visit www.ieasa.org.za.

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