24/05/2020
THINK ABOUT WHAT A COMBINATION OF LOW INTEREST RATE AND FLISP SUBSIDY CAN DO FOR YOU!!
HOW FLISP WORKS
FLISP was developed to enable first time home-ownership to households in the 'affordable or gap' market, that is, people earning between R3 501 and R22 000 per month. Individuals in these salary bands generally find it hard to qualify for housing finance; their income is regarded as low for home loan (mortgage or pension/provident backed loan), but too high to qualify for the government 'free-house' subsidy scheme.
Depending on the applicant's gross monthly income, their once-off FLISP subsidy qualifying amount may vary between R27 960 and R121 626, as defined in the FLISP Subsidy Quantum.
SUBSIDY QUANTUM Example 1 is based on an R9 000 p/m income-band, where the individual after the Lender/Bank's credit and affordability assessment, based on the National Credit Act (NCA) criteria, qualified for R300 000 home loan:
FLISP REDUCES the home loan (mortgage or pension/provident backed loan) amount to render the monthly loan repayment instalments affordable; (payment made to home loan account)
Property Price : R 300 000
Bank HL Approval : R 300 000
Less FLISP as a deposit : R 93 526
EVENTUAL HOME LOAN AMOUNT : R 206 474
SUBSIDY QUANTUM Example 2 is based on an R9 000 p/m income-band, where the individual after the Lender/Bank's credit and affordability assessment, based on the National Credit Act (NCA) criteria, qualified for R206 474 home loan:
FLISP AUGMENTS shortfall between the qualifying loan amount and the total product price; (payment made to transfer attorneys)
Property Price : R 300 000
Bank HL Approval : R 206 474
FLISP as HL top up : R 93 526
EVENTUAL HOME LOAN AMOUNT : R 206 474
Now with FLISP subsidy and interest rates at their lowest in 50 years what are you still waiting for? Is it worth it renting at this time?
Contact me today on 074 888 2640 and I will connect you to your dream home!!