Affordable subsidy for first time home buyers

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


Recommended

by NEWSROOM AI
Read More
Things to take into consideration when wanting to renovate a shared building

Things to take into consideration when wanting to renovate a shared building

Renovations and alterations must not affect the building structure and not cause disturbance to the building's residents.

Holomisa shares his desire to be the country's deputy president

Holomisa shares his desire to be the country's deputy president

If the up coming elections resulted in the formation of a coalition government‚ Holomisa wants to be the deputy president.

DStv subscription price hikes for 2019

DStv subscription price hikes for 2019

MultiChoice will increase the prices of certain DStv packages from 1 April.

Flow: Local PropTech Platform to reward tenants for their good behabiour

Flow: Local PropTech Platform to reward tenants for their good behabiour

'We thought the relationship between the landlord and the tenant can be revolutionised to benefit everyone.' says Gil Sperling

SA Home Loans explains refusal to pay out for lupus sufferer

SA Home Loans explains refusal to pay out for lupus sufferer

SA Home Loans explained the long-standing battle with Anita Sisam after she was diagnosed with Systemic Lupus Erythematosus.

Just R100 extra on your bond could save you money on interest

Just R100 extra on your bond could save you money on interest

FNB's head of special projects, Dr Simphiwe Madikizela, advises bond owners to pay off their home loans faster and create wealth.

Popular articles
'Parliament should have proper inquiry into Mkhwebane's fitness to hold office'

'Parliament should have proper inquiry into Mkhwebane's fitness to hold office'

DA's John Steenhuisen says Parliament should investigate the public protector after the findings against her.

Pule Mabe was never alone in hotel room with assistant - ANC NEC's Sdumo Dlamini

Pule Mabe was never alone in hotel room with assistant - ANC NEC's Sdumo Dlamini

ANC's Sdumo Dlamini says party spokesperson Pule Mabe free to return to work after he being cleared of sexual harassment charges.

Black gay men can be misogynists, and here's what a few have to say about it

Black gay men can be misogynists, and here's what a few have to say about it

Presenter Eusebius McKaiser hosted a panel discussion with black gay men exploring entrenched patriarchy and the dynamics at play.

Why rooibos tea price remains high despite improved rains

Why rooibos tea price remains high despite improved rains

MD at Rooibos Ltd, Martin Bergh explains the current high price of Rooibos tea.

[WATCH] Owner catches car thief off guard and thwarts vehicle theft in Springs

[WATCH] Owner catches car thief off guard and thwarts vehicle theft in Springs

The vehicle's owner came out of the store just in time to scare away the man attempting to steal his bakkie.

The e-toll issue can only be solved at a national level - David Makhura

The e-toll issue can only be solved at a national level - David Makhura

Gauteng Premier David Makhura discusses his final Gauteng Sopa including the successes and failures of the last five years.

Johannesburg’s drive to create a smart city is rolling out

Johannesburg’s drive to create a smart city is rolling out

Vumatel is deploying 15 000 CCTV security cameras over the next five years to make Joburg's streets safer.