Affordable Housing Package
The dream of home ownership is shared by most families, regardless of the income earned by the household. To make this dream a reality, SA Home Loans offers a tailor-made home finance package to the majority of families.
We also provide affordable housing solutions that are more accessible to households with a combined minimum income from R8 000 per month.
Our package can finance up to 100% of your purchase price and enables families that do not have a deposit to pay for affordable housing offered by developers, estate agents and other private sellers. Included in our offering is:
- The guidance, service and support from your SA Home Loans property finance consultant every step of your application
- A free online homeowners education course
- Protection products to ensure that your home ownership journey is a pleasant experience
Variable Home Loan
A home loan with competitive interest rates, that covers up to 100% of the purchase price:
- A flexible term up to 20 years.
- A variable preferential interest rate, tailored to your risk profile.
- Up to 100% of the purchase price, depending on your risk profile.
- Bond attorney costs discounted by 50%, unless they are covered by the developer.
- Payment options for Debit Order or Salary Stop Orders (for government employees).
- Access to surplus funds on the value of your property, which are available through a variety of further lending options after your home loan is established.
Support and Protection
Support throughout the application process and protection products that offer you peace of mind:
- Property finance consultants, who are home loan experts provided by SA Home Loans to guide and assist you during the bond application process. They will help you in completing the application form and collecting the documents required for your credit assessment. Moreover, they can keep you updated on the status of your home loan application.
- Free access to My New Home. This online course of 5 modules provides all the information new homeowners need to feel empowered and make a success of their property buying journey.
- Access to Home Owners Cover, an affordable insurance plan that covers any loss or damage to your property. This specifically applies to damages caused by an unforeseen event and is conveniently managed off your home loan account.
- Access to the Bond Protection Plan. This life insurance plan provides you with the reassurance that you will not lose your home in the unfortunate case of your death or disablement.
A subsidy designed to make first-time ownership more affordable.
The Finance Linked Individual Subsidy Program, better known as FLISP, offered by the Department of Human Settlements grants affordable first-time housing subsidies to qualifying applicants. FLISP gives these successful applicants a subsidy amount of up to R 87 000. This can be used as a deposit on a home or as a lump sum payment into the bond account to reduce monthly instalments payable.
To qualify for FLISP, you must be:
- A first time home buyer, with a household income between R 3 500 and R 15 000 per month.
- Approved for a home loan by a lender like SA Home Loans, and have a have a letter confirming your approval.
- A South African citizen with a valid ID or a permanent resident with a valid permit.
- Over the age of 18 years and legally competent to enter into a contract.
- A first-time applicant that has not benefited from a Government Housing Subsidy Scheme before.
When submitting an application to FLISP, follow this process:
- Apply for a home loan with SA Home Loans.
- Once approved, a letter of acceptance is issued to you.
- Submit your FLISP grant paperwork together with your SAHL approval to the NHFC (National Housing Finance Corporation) or Provincial Department of Human Settlements.
- After your FLISP application is approved, funds are paid to transferring attorneys or SA Home Loans.
Terms and conditions apply. All product options are subject to our credit policy as amended from time to time.