Do you think home ownership is out of your reach because your salary is too low?
Well, with a FLISP subsidy, this could be your opportunity to get a home of your own.
We have teamed up with Cosmopolitan Projects and Sky City to bring you this unique opportunity in the South of Alberton. Our role is to help potential buyers get home loans and we may be able to help you too.
There is a choice of 2 bedroom and 3 bedroom homes for sale from R645 000 - including all transfer costs (meaning you will save another R46 000 in upfront costs) and now with a FLISP housing subsidy your affordability will be even better.
Normally to qualify you will need to earn a gross salary of at least R19 000 to buy this 2 bedroom home for R645 000.
With FLISP you could qualify with a gross salary as low as R16 500, receive a subsidy of R55 000 and own your own home.
So, how does FLISP work...
The subsidy is calculated according to your gross income before deductions. Your income before deductions must be between R16 500 and R22 000 (not a cent more) and you can combine your subsidy with a home loan to buy a home at Sky City.
To qualify for FLISP you:
- Have to be a first time home buyer
- Need to be a South African Citizens over the age of 18
- Must have a financial dependant
- Can never have claimed any other housing subsidy such as a RDP house
If you complete the enquiry form on the Sky City website we will be able to help calculate your qualification amount and your subsidy amount (if you are eligible).
Let’s have a look at some examples of how much you have to earn to qualify for these units and what subsidy you will be able to get...
EXAMPLE 1 - 2 bedroom home: R645 000
Salary needed to qualify for a home loan of R645 000 excluding subsidy: R19 000
Salary needed to qualify including subsidy: R16 500
So with a basic salary of R16 500 you will receive a subsidy of R55 000 and your home loan will only be R590 000.
EXAMPLE 2 - 3 Bedroom, 2 bathroom home: R732 000
Salary needed to qualify for a home loan of R732 000 excluding subsidy: R20 500
Salary needed to qualify including subsidy: R19 000
So with a basic salary of R19 000 you will receive a subsidy of R42 000 and your home loan will only be R690 000
EXAMPLE 3 - Large 3 Bedroom, 2 bathroom home: R784 000
Salary needed to qualify for a home loan of R784 000 excluding subsidy: R21 900
Salary needed to qualify including subsidy: R20 800
So with a basic salary of R20 800 you will receive a subsidy of R21 000 and your home loan will only be R763 000
To see more about this development go here: https://www.homeofmyown.co.za/developments/sky-city/