Human Settlements Minister Lindiwe Sisulu says the Finance Link Individual Subsidy Programme (FLISP) will change the face of South Africa for low-income earners. The recently launched programme is aimed at helping persons earning between R3 501 and R22 000 to access home loans.
This was announced in parliament this week when Sisulu tabled her department's budget vote. The home loan applicant must have been approved by an accredited bank or a non-bank financial institution.
This financial assistance for middle-income earners can be used as a deposit or to reduce the bond balance. The once-off financial help for qualifying beneficiaries ranges from R27 960 to R121 626, depending on the level of household income.