The Mpumalanga Department of Human Settlement has set aside R 7 million to benefit middle-income earners in the Province. In partnership with the National Housing Finance Corporation (NHFC), the Department is accelerating the delivery of housing opportunities to middle-income first-time homeowners. This allows prospective homeowners to qualify for home loans through the First Home Finance Programme formerly known as Financed Linked Individual Housing Subsidy Programme (FLISP).
MEC Mashilo explained that the rebranded FLISP or Help-Me-Buy-A-Home scheme had been remodelled into First Home Finance to improve access to the programme by beneficiaries with mortgage loans with financial institutions and those who want to build in rural areas. “The revised programme will also cater for beneficiaries who are not approved for home loans but intend to build their own houses in rural areas and cities’ serviced sites”, cited Mashilo. He further emphasised that the First Home Finance will assist beneficiaries in raising financial resources through various means such as cooperative and community-based saving schemes such as stokvels to apply for government financial assistance.
Partnerships with development finance institutions, commercial banks and other financial institutions have boosted First Home Finance. Households that earn from R3 501.00 to R22 000.00 a month will be eligible for subsidy support along a sliding scale, with more significant support provided to lower-income earners, from a maximum of R130 000.00 to a minimum subsidy of R30 000.00 for first-time home buyers.
This scheme is a government instrument aimed at helping people to buy a home for the first time. Most often find it challenging to qualify for a home loan but cannot qualify for fully subsidised housing when employed. This instrument is meant to bridge that gap. The National Housing Finance Corporation (NHFC) has also launched a new application portal enabling applicants to apply from the comfort of their homes and leisure. Moreover, the new portal will also help applicants track their applications’ progress.
To apply for First Home Finance, potential beneficiaries are urged to visit www.nhfc.co.za, where they will be directed to the application portal, or enquiries can also be referred to firsthomefinanceenquiries@nhfc.co.za, or call 010 825 2199.
ISSUED BY THE COMMUNICATIONS DIRECTORATE
MPUMALANGA DEPARTMENT OF HUMAN SETTLEMENTS
CONTACT: FREDDY NGOBE – 013 766 6014 / 082 859 4630/ flngobe@mpg.gov.za