select
|

IEASA Western Cape urges agents to help clients submit FLISP applications

The Institute of Estate Agents of SA (IEASA) Western Cape has been actively involved in educating the public and estate agents about the Finance Linked Individual Subsidy Programme (FLISP), a home loan subsidy for those whose gross combined household income was between R3501 to R15 000 at the time of the home loan approval.
 
Time is running out to submit applications and Annette Evans, general manager of the Institute, Western Cape, asks estate agents to notify all of their clients who purchased a property from March 2015 to date, to submit a FLISP application before the end of March 2016. (These retrospective dates apply purely to the Western Cape Province.)
 
The good news is that any subsidy granted via this programme by the Department of Human Settlements exists to encourage home ownership and will never need to be repaid. This is a huge opportunity for agents to offer a value added service to their clients, said Evans.
 
“It is hard to believe with all the pressure on home owners that there is still a ray of sunshine somewhere and it comes in the form of a government FLISP subsidy for first time home buyers and current new home owners,” said Evans.
 
In addition, the Department of Human Settlements will also relax their income requirement by applying the income of the applicant at the time of bond approval and not the income as on date of the FLISP application. Existing home buyers should submit their FLISP applications before the end of March 2016, which is the end of the budget financial year.
 
This initiative can be a huge boost for new home owners – considering the interest rate hikes over the past 12 months.
 
The qualifying criteria are that:
 
·      The current home owner took transfer from March 2015 to date, or whose home loan has already been approved but they have not yet taken transfer;

·      The owner has a gross combined household income between R3,501 and R15,000 at the time of the home loan approval;

·      The approved home loan should be from one of the four major SA banks and SA Home Loans; and

·      They must be a first time home owner and should, if they are single, have dependents. 
 
Applicants must be South African citizens or hold valid permits. Home owners and home buyers can apply directly to the Department of Human Settlements or make use of a paid-for-service, www.flisp.co.za.
 
IEASA hold regular property updates for property professionals – to keep abreast of these, visit www.ieasa.org.za or the regional websites for further information.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 25 Apr 2018
      Whether you are a seasoned seller or new to the game, putting your home on the market is an exciting moment. To ensure you get the best possible outcome these 8 value adding additions to your home is worth the effort.
    • 25 Apr 2018
      After four years of unprecedented growth fuelled by semigration, the Southern suburbs market faced a number of challenges in 2017, including dwindling affordability and a marked slowing in house price growth with many sellers forced to lower their prices in order to secure a sale.
    • 25 Apr 2018
      Mall of Africa, is celebrating its second year of sensational success. This splendid super-regional shopping centre first opened on 28 April 2016, and has grown in popularity, performance and profile since then.
    • 25 Apr 2018
      While the role of trustee in a sectional title scheme is a voluntary and unpaid position, it is one that comes with huge responsibility. Trustees have a fiduciary duty towards their scheme, says Chinelle Hewit, Operations Manager at sectional title finance company Propell.
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK