By 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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