08 Apr FLISP Application Made Easy: A Step-by-Step Guide

Posted at 14:26h in Latest News by

A subsidy like FLISP can make homeownership much more affordable by lowering downpayment costs, reducing your overall mortgage costs, creating increased equity as your home rises in value over time, and offering the freedom to modify your home as you please. Additionally, it offers more security and comfort, stronger ties to your community, and more security.

The process of applying for a government-backed subsidy like FLISP (Finance Linked Individual Subsidy Program), now called First Home Finance (FHF), can be complex. The application form is nuanced, and it’s easy to get rejected if you accidentally leave out a document, piece of information or submit it through the incorrect channel.

This post is a step-by-step guide to the FLISP application process. We discuss eligibility criteria, the documents you’ll need to submit with your form, and how you can use the FLISP subsidy to your advantage.

How to Complete A FLISP Application

Before you begin filling in the application form, you should ensure you’re eligible for the subsidy. The eligibility criteria are as follows:

  • You must be at least 18 years old and competent to contract.
  • You and your spouse, if married, must have never owned a fixed residential property or benefited from a housing subsidy before.
  • You must earn more than R3,501 and less than R22,000.
  • You must be a South African citizen or have a permanent residency permit.
  • You must have a dependent, be married, or have cohabited for a long time (as if you are married).

Once you know you meet the FLISP application criteria, you can move on to completing the FHF application form.

How to Fill Out the Form

Before you fill out the form, you should gather the documents you’ll need to submit along with it.

  • Certified copies of identification documents.
  • Certified copies of dependents’ birth certificates.
  • Certified copy of the marriage certificate or final divorce decree.
  • Original recent payslip or proof of social grant.
  • Certified copy of the deed of sale or offer to purchase.
  • Certified copy of bond approval or bond quotation, if applicable.
  • Original or certified copy of the transfer cost statement from the transferring attorney and bond cost statement from the bond attorney, if required.

Once you have the relevant documents, fill in the form. It will ask you about the details of your spousal relationship and marital status, details of your dependents, details of the property you’ll purchase with the subsidy, and how you plan to fund the property besides the subsidy.

What Happens After the Subsidy Application Is Approved?

Once the subsidy has been approved, you should originate a bond if you haven’t yet. Otherwise, you can use the subsidy in conjunction with your pension, a Stokvel or other interest-free loan, or your savings to purchase a residential property.

What’s more, the FLISP application form will ask for the details of your conveyancer. A conveyancer is a legal professional who will transfer the title deed to your name, conduct a title search to ensure the property isn’t encumbered, and ensure the legalities of your purchase are in order.

After you’ve purchased your property, you and the seller will collaborate with your conveyancer to get legalities in order. Once the seller has been paid and transfer has taken place, you will receive the keys to your new home.

Let us help with your FLISP application! FirstStep Housing's experts have years of experience in FLISP and FHF, helping South Africans achieve homeownership

Congratulations! You’re officially a homeowner.

Who Can Help Ensure Your Application Is Approved?

Let FirstStep Housing lead the way! Our experts are industry leaders in the subsidy housing and conveyancing industries. We’ll ensure you have the best chance of having your application approved and affording your dream home. Ready to open doors to the life you dream of? Apply with FirstStep Housing today!