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South Africa Government : MEC Helen Sauls-August announces approval of beneficiaries for Finance Linked Individual Subsidy programme

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11/06/2012 | 02:54am EDT

MEC Helen Sauls-August announces approval of new beneficiaries for Finance Linked Individual Subsidy programme

5 Nov 2012

The first five beneficiaries have been approved to the much awaited Finance Linked Individual Subsidy programme announced by President Jacob Zuma in his State of the Nation Address earlier this year.

MEC Helen Sauls-August has announced the finance linked Individual Subsidy programme has already begun in the Nelson Mandela Metro and they were looking into other areas such as Buffalo City Metro to expand the roll out of the programme.

The new programme is aimed at assisting unqualifying citizens on the Reconstruction and Development Programme (RDP) to buy their own homes. Five beneficiaries have already been approved and over 50 applications are being processed by the National Housing Finance Corporation. Beneficiaries in this programme are citizens who earn too little to qualify for mortgage finance or their monthly income exceeds the maximum income limit applicable to Government's "free basic house" (RDP) Housing Subsidy Scheme.

The Finance Linked Individual Subsidy (FLISP) programme will boost government efforts to build houses in the province. The department will approve an R87 000 rands for every qualifying citizen earning between R3 500 - R15 000 buy new homes in the province through banks

The FLISP programme reduces the amount of the Loan required from the Bank, thus rendering the monthly loan repayment instalments more affordable over the Loan repayment term.

Application process:
1. Beneficiary applies to the Bank (ABSA, Nedbank and FNB) for a home loan
2. The Banks screen the applicants on credit record
3. Only Credit worthy Applicants will be approved and names forwarded to the department for screening on the Housing Subsidy System
4. Applicant approved on the Housing Subsidy System is forwarded to the National Housing Finance Corporate for the Subsidy processing.

People who owned a house including an RDP will not qualify for this programme. People must call our customer care number: 0860 0000039.

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