FINANCE
Calculate new repayment term reduced to 13 years & 4 months
The actual savings on a home loan with a capital value of R605 480.00 is that can be saved if the FLISP subsidy is paid into the home loan as a onceoff payment and the home owner continues to pay the current home loan monthly premium is an amount of R420 934.00 .
AMOUNT SAVED
Says De Waal “ Many new first time home owners are not aware that they can save thousands of Rands on their home loans if they apply for a retrospective FLISP subsidy ”.
To qualify for such a subsidy , the home owner must be a South African citizen , with financial dependents and must have not owned a property before . Home owners whose combined gross household income is between R3 501 – R22 000.00 per month can apply . As from the 1st of April 2022 , the FLISP application process was de-linked from only finance approve through a traditional home loan , and now any home buyer / owner can qualify for a first-time buyer FLISP subsidy if they have financial assistance to buy a property in the form of :
• the beneficiary ’ s pension / provident fund loan ,
• a co-operative or community-based savings scheme , i . e . stokvel ,
SA Real Estate Investor Magazine FEB 2023 41