MEC Helen Sauls-August will officially award housing subsidy to the first qualifying beneficiairies of the Finance Linked Individual Subsidy Programme in Warmer Link, Nelson Mandela Metro. Finance Linked Individual Subsidy is aimed at providing an amount of R87 000 rands to enable workers earning between R3 500 - R15 000 buy new homes in the province.
Beneficiaries in this programme are citizens who earn too little to qualify for mortgage finance or their monthly income exceeds the maximum income limit applicable to Government’s “free basic house” (RDP) Housing Subsidy Scheme.
President Jacob Gedleyihlekisa Zuma pronounced in April 2012, people earning between R3 500 and R15 000 will be able to obtain a subsidy of up to R87 000 from provinces, to enable them to obtain housing finance from an accredited Bank. This, in essence, is the implementation of the Finance-Linked Individual Subsidy Programme (FLISP).
The provincial department has collaborated with the National Housing Finance Corporation as part of the one billion rand guarantee to promote access to loans to assist citizens in the province who fall into this category.
FLISP programme offers down payment assistance in the form of a grant to Qualifying Beneficiaries, who are in a financial position to secure a Home Loan (Mortgage Loan) from a Lender (Bank) to acquire a home. The FLISP reduces the amount of the Loan required from the Bank, thus rendering the monthly loan repayment instalments more affordable over the Loan repayment term.
The event will be held as follows:
Date: Tuesday, 23 October 2012
Venue: Warmer Link
Contact:
Lwandile Sicwetsha, Spokesperson
Cell: 071 6711770
Tel: 043 711 9534
