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Q & A now personal own funds , unsecured loans , stokvels , pension backed lending , Rent-to-buy , installment sale structures , employee assistance are all finance assistance to qualify for the subsidy .
Pre-Qualification process : To start , a first home buyer is first advised to check the subsidy that he / she can qualify for , and then the property finance that the buyer can qualify for . The subsidy amount and the property finance available can then be added together and used as the total buying power of the new home .
Find a Property : The buyer can then start looking and find a property to buy within his / her budget and sign an offer to purchase .
Final Application : Once the property finance ( home loan or other type of finance ) is approved , the buyer can then submit the subsidy application .
Use of a subsidy The subsidy can also be used as a deposit or pay a portion of the legal transfer and bond registration fees . The subsidy can be used as a deposit , to reduce the home loan amount , or added to the home loan approved , to increase the purchase price .
Timing of Application It usually takes 21 -30 working days to obtain approval of the subsidy and then +/ - 30 days to get the subsidy paid out .
Useful Resources
• Subsidy Amount Calculator and application calculator click here : https :// flisp . co . za /
• Subsidy online interview to obtain a subsidy voucher- click here : http :// www . mybondfitness . info
• Website : https // flisp . co . za
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Real Estate Investor Magazine OCT / NOV 2023 10