Application Process Flow

The process of applying for a FLISP Subsidy involves a number of processing steps, the Application Process Flows for the Open Market and FLISP Accredited Development Project are detailed below:

FLISP ACCESSING & APPLICATION PROCESSES
First-time Homeowner Households earning R3 501 to R22 000 per month have Two Options on how to use FLISP when buying or building residential property:
OPTION 1: Development Housing Projects  OPTION 2: Open Market
Applicant identifies property from FLISP Development Projects
  • Applicant signs a property offer to purchase with Developer
  • Developer assists applicant apply for a home loan with an accredited Lender
  • Applicant completes FLISP Forms with Developer (a trained FLISP Agent)
Applicant identifies a new or old property in the Open Market,or for construction on an acquired vacant serviced stand
  • Applicant signs a property offer to purchase with the Seller or through an Estate Agent
  • Applicant applies for a home loan with an accredited Lender
SUBMISSION OF A HOME LOAN APPLICATION TO A LENDER/BANK
The Lenders / Banks assess home loan applications according to their own credit and affordability assessment standards and the National Credit Regulator's lending criteria
OPTION 1: Development Housing Projects OPTION 2: Open Market
Once Lender grants home loan approval or 'approval in principle', Developer submits the applicant's completed FLISP Application Forms to the NHFC Once Lender grants home loan approval or 'approval in principle', applicant or Estate Agent completes the FLISP Application Forms obtainable from NHFC website, Human Settlement Provincial & Regional Offices, Municipal Offices and some Estate Agents
APPROVAL/DECLINE OF A HOME LOAN AND FLISP APPLICATION
  • Should the home loan application be declined, the FLISP application will not be considered any further
  • Should the home loan application be approved, the FLISP application will be processed
  • If FLISP Application outcome is negative, the application will be declined; however the applicant may continue with the home loan transaction without FLISP, in accordance to the Lender/Bank's terms and conditions
  • If FLISP application outcome is positive, the subsidy will be granted
SUBMISSION AND PROCESSING OF FLISP APPLICATION
  • NHFC receives scanned/faxed FLISP Application Forms and the Application Supporting Documents from the FLISP Trained Developers, Estate Agents, Human Settlement Provincial & Regional Offices, Municipal Offices or directly from the applicant
  • NHFC assess and process FLISP applications; and communicates the outcomes to the applicant
PAYMENT OF A SUBSIDY
  • In the instance where the FLISP subsidy augments a shortfall between the qualifying home loan amount and house purchase price; the subsidy disbursement/payment will made by the NHFC into the transferring Attorney's trust account on notice of readiness to lodge the transfer documents
  • In the instance where the FLISP subsidy reduces the principal home loan amount, rendering loan repayment instalments affordable, the subsidy disbursement/payment will be made by the NHFC directly into the beneficiary's home loan account
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