How does this subsidy work? All first time home buyers - people who have not had subsidy or grants before. Previously, the grants were going from R3500, that is a total income of a household to a total of R15,000 per household. End of July, the R15,000 went up to R22,000. An amazing opportunity for first home buyers. Before you can qualify, you must have your home loan approved because the Finance Linked Individual Subsidy Program (FLIS) must be linked to your home loan for assistance to every home buyer.
Outside of the income bracket detailed, these are the requirements you will need to qualify for the subsidy.
- You must have your home loan approved.
- You must be a first time buyer and have never and had a benefit before
- You must have dependents and must be a South African citizen.
- And your income must be between R3500 to R22,000 a month
When the subsidy came out, a lot of people did not know about it. As a result people have been working for many years and now they are left with debt. But now since the word is out, people are starting to welcome it, which is a good thing.— Meyer De Waal - Director at MDW attorneys
At the moment you will need financing from one of our leading banks, so if you will get a loan from your employer, it will not work— Meyer De Waal - Director at MDW attorneys
This article first appeared on CapeTalk : Affordable subsidy for first time home buyers