The Finance Linked Individual Subsidy Programme (FLISP) is designed to help first-time home buyers in South Africa to purchase a home by providing them with financial assistance. This guide will walk you through the application process, eligibility criteria, and provide answers to common questions about the FLISP subsidy.
What is FLISP?
FLISP is a subsidy program developed by the South African Department of Human Settlements to reduce the home loan amount needed from a bank, making the monthly repayments more affordable. It targets individuals earning between R3,501 and R22,000 per month who find themselves above the threshold for free housing but below the level where they can comfortably afford a mortgage.
How to Apply for flisp Application
How to Check Status of flisp Application
What are the flisp application requirements
How to complete flisp application
Step-by-Step FLISP Application Process
Step 1: Check Eligibility
Before applying for FLISP, confirm that you meet the following criteria:
- You must be a South African citizen or hold a permanent residency permit.
- You must be over 18 years old and competent to legally contract.
- You must have a dependant or be married/cohabiting.
- You cannot have previously benefited from a government housing subsidy.
- You must not currently own residential property.
- You must have an approved home loan from a recognized financial institution.
Step 2: Credit Rating Assessment
Check your credit rating as banks will review your credit history when applying for a home loan. Factors considered include:
- Debt levels and repayment capacity.
- Payment profiles and any judgements or listings.
Obtain a free annual credit report from major bureaus like TransUnion, Experian, or XDS to assess your financial standing.
Step 3: Calculate Affordability
- Determine the price of the property you intend to buy.
- Calculate the potential FLISP subsidy using the subsidy calculator provided on NHFC’s website.
- Deduct the FLISP subsidy and any personal savings from the property price to figure out the loan amount needed.
Step 4: Property Search and Offer to Purchase
- Find a property that fits within your budget and financing limits.
- Make an offer to purchase (also known as a deed of sale), which is a legally binding agreement with the seller.
Step 5: Apply for Home Loan and FLISP Subsidy
- Submit your home loan application to the bank.
- Once approved, apply for the FLISP subsidy through the NHFC or your local Department of Human Settlements office. You will need to provide:
- Identity document or permanent residency permit.
- Proof of income.
- Approved home loan documentation.
- Offer to purchase/deed of sale.
- Other documents as specified by the DHS or NHFC.
Step 6: Subsidy Approval and Property Transfer
- Upon approval of both your home loan and FLISP subsidy, the NHFC will coordinate with the Department of Human Settlements to finalize the subsidy.
- Engage with conveyancing attorneys for the transfer of property and registration of the bond.
- Pay any applicable fees such as transfer duties, attorney fees, and bond registration costs.
Step 7: Finalize the Purchase
- Complete the property transfer.
- Move into your new home upon receiving the keys and finalize any remaining paperwork and payments.
Important Tips and Considerations
- Always keep a copy of all documents submitted for your records.
- Ensure that all your documents are correctly filled out and certified.
- Stay in contact with your bank and the NHFC to monitor the progress of your applications.
- Plan for additional costs not covered by the subsidy, such as moving expenses and home maintenance.
Frequently Asked Questions (FAQs)
- What happens if my home loan is declined?
- Find out why it was declined. Address the issues, possibly with the help of a financial advisor, and reapply when your financial situation improves.
- Can I buy a property anywhere in South Africa?
- Yes, FLISP is applicable for properties across South Africa, but ensure the property meets the criteria set out by the subsidy program.
- How long does the FLISP application take to process?
- It can take several weeks to a few months, depending on various factors including the completeness of your application and the efficiency of the involved agencies.
- Is there a deadline for applying for FLISP?
- There is no specific deadline, but it’s advisable to apply as soon as your home loan is approved and you have made an offer on a property.
By following this guide and preparing accordingly, you can navigate the FLISP application process with greater ease and clarity. Remember, owning a home is a significant financial commitment and utilizing programs like FLISP can make it more accessible and affordable.
Overview of Public Universities in South Africa
Here's an overview of some public universities in South Africa, including general admissions requirements and estimated application periods. Keep in mind, specific program requirements and dates can vary significantly, so it's important to check each university's official website for the most current information.
University of Pretoria
- Admissions Requirements: National Senior Certificate with minimum scores in specific subjects related to the chosen program; for international students, equivalent qualifications.
- Application Period: Usually opens in March and closes at the end of July for most programs.
University of Cape Town
- Admissions Requirements: National Senior Certificate with pass levels required for degree study; subject-specific requirements depending on the program.
- Application Period: Application opens in April and closes at the end of July.
Stellenbosch University
- Admissions Requirements: National Senior Certificate with required marks; some programs have additional testing.
- Application Period: Opens in March and typically closes at the end of June.
University of the Witwatersrand
- Admissions Requirements: Matriculation certificate with university exemption; required scores vary by faculty.
- Application Period: Begins in March and ends on the 30th of September.
University of Johannesburg
- Admissions Requirements: Matric exemption with a minimum APS score; specific subject requirements based on the faculty.
- Application Period: Opens in April and generally closes by the 30th of September.
University of the Free State
- Admissions Requirements: National Senior Certificate with specific marks for the program applied to; additional requirements for certain courses.
- Application Period: Typically opens in April and closes at the end of August.
University of Venda
- Admissions Requirements: Completion of the National Senior Certificate with an endorsement for diploma or degree studies; specific APS scores needed.
- Application Period: Usually from May to September.
University of Fort Hare
- Admissions Requirements: National Senior Certificate with university exemption; certain programs may have specific requirements.
- Application Period: Opens around May and closes at the end of September.
University of the Western Cape
- Admissions Requirements: National Senior Certificate with specific performance levels; additional requirements for certain programs.
- Application Period: Generally from May to September.
North-West University
- Admissions Requirements: National Senior Certificate with university exemption; program-specific requirements may apply.
- Application Period: Opens in March and usually closes by the end of August.
Rhodes University
- Admissions Requirements: National Senior Certificate or equivalent; minimum academic performance in certain subjects.
- Application Period: Applications open in April and close at the end of September.
Nelson Mandela University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; portfolio or additional tests for some faculties.
- Application Period: Opens in April, with a deadline at the end of August for most programs.
Cape Peninsula University of Technology
- Admissions Requirements: National Senior Certificate with specific scores; additional requirements for certain courses.
- Application Period: Opens in May and typically closes by the end of September.
University of Limpopo
- Admissions Requirements: Senior Certificate with endorsement for diploma or degree courses; specific APS scores for different programs.
- Application Period: From April to September.
University of Zululand
- Admissions Requirements: National Senior Certificate with an endorsement for bachelor’s degree studies; specific score requirements for various programs.
- Application Period: Usually between April and November.
Central University of Technology
- Admissions Requirements: National Senior Certificate with specific scores for the chosen field of study; additional criteria for certain programs.
- Application Period: Application period generally starts in May and ends in October.
Vaal University of Technology
- Admissions Requirements: National Senior Certificate with a pass that qualifies for admission to bachelor’s degree, diploma, or higher certificate programs.
- Application Period: Typically from May to September.
Walter Sisulu University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; additional criteria for certain faculties.
- Application Period: From April to September.
This list provides a starting point for understanding the admissions landscape across South Africa's diverse higher education institutions. Given the variability in programs and requirements, it's crucial to consult each university's website for the most accurate and up-to-date information.
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