What does FLISP mean in FINANCE

To qualify for the FLISP, applicants must be South African citizens, be earning an annual gross household income of less than R180 000 per annum, have been previously declined by a major financial institution for housing finance, and able to demonstrate their ability to afford the monthly instalments for a home loan.

Applicants need to produce the following documents in order to apply for the FLISP; valid South African ID or passport, proof of residential address, 3 months' bank statements from all current accounts, payslips of three consecutive months prior to application and an offer letter from a registered home loan provider.

The subsidies available through the FLISP include bond subsidies as well as transfer cost subsidies. Bond subsidies may abound up to R87 500 while transfer cost subsidy may amount up to R10 000. These subsidies are used when purchasing or building new homes and transferring existing properties respectively.

Yes, funds obtained through this scheme can only be used towards acquiring property or building a house and not other assets such as cars or furniture.

In order to apply for funding from the FLISP scheme, applicants will need firstly complete an application form which could either be filled manually or electronically via emailing it directly or dropping off at regional offices. After filling out their paperwork, applicants then make their way down town hall walk-in centre where qualified staff assesses their applications before forwarding them onto relevant offices if they meet all criteria requirements set out by National Home Builders Regulatory Council (NHBRC). Upon approval from NHBRC office, recipient is advised on how they can access funds under this scheme.