[et_pb_section fb_built=”1″ admin_label=”Hero” _builder_version=”4.15″ background_color=”#fcd21d” background_image=”http:\/\/dev.website.ecdhs.gov.za\/wp-content\/uploads\/2019\/01\/circle-background-pattern.png” custom_padding=”67px|0px|67.1875px|0px|false|false” animation_style=”zoom” animation_intensity_zoom=”4%”][et_pb_row _builder_version=”4.15″ custom_padding=”|||” animation_style=”slide” animation_direction=”top” animation_intensity_slide=”3%”][et_pb_column type=”4_4″ _builder_version=”4.15″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.6.1″ text_font=”Montserrat|500||on|||||” text_text_color=”#353740″ text_font_size=”16px” text_letter_spacing=”3px” custom_margin=”||45px|” animation_style=”slide” animation_direction=”bottom” hover_enabled=”0″ locked=”off” sticky_enabled=”0″]<\/p>\n
First Home Finance<\/p>\n
[\/et_pb_text][et_pb_text _builder_version=”4.6.1″ text_font=”||||||||” header_font=”Montserrat|700||on|||||” header_text_color=”#f7f7f7″ header_font_size=”60px” header_line_height=”1.3em” custom_margin=”|||” animation_style=”fade” hover_enabled=”0″ header_font_size_last_edited=”off|desktop” locked=”off” sticky_enabled=”0″]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Feature Section 03″ _builder_version=”4.15″ custom_margin=”|||” custom_padding=”|||”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ admin_label=”Feature Area” module_class=” et_pb_row_fullwidth” _builder_version=”4.15″ width=”100%” width_tablet=”100%” width_phone=”100%” width_last_edited=”on|desktop” max_width=”100%” max_width_tablet=”100%” max_width_phone=”100%” max_width_last_edited=”on|desktop” custom_padding=”0px||0px|” make_fullwidth=”on”][et_pb_column type=”1_2″ _builder_version=”4.15″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image src=”\/wp-content\/uploads\/2019\/02\/Walmer-Link-FLISP-01-e1552574040346.jpg” align=”right” align_tablet=”center” align_phone=”center” align_last_edited=”on|desktop” _builder_version=”4.15″ animation_style=”slide” animation_direction=”left” animation_intensity_slide=”20%” animation_starting_opacity=”100%”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.15″ custom_padding=”5px|5%||5%” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.6.1″ text_font=”Montserrat||||” text_text_color=”#747d88″ text_font_size=”16px” text_line_height=”1.8em” header_font=”||||||||” max_width=”700px” module_alignment=”center” custom_margin=”|||” custom_padding=”|||” animation_style=”slide” animation_direction=”bottom” animation_delay=”100ms” animation_intensity_slide=”4%” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
WHAT IS FIRST HOME FINANCE?<\/span><\/strong><\/p>\n \u00a0First Home Finance was developed by the Department of Human Settlements to enable sustainable and affordable first-time homeownership opportunities to South African citizens and legal permanent residents earning between R3,501 and R22,000 per month, (the \u2018affordable\u2019 or \u2018gap\u2019 market). <\/span><\/p>\n Individuals in these salary bands generally find it hard to qualify for housing finance; their income is regarded as low for mortgage finance, but too high to qualify for the government free-basic house.<\/span><\/p>\n \u00a0<\/span><\/p>\n What to do with First Home Finance Qualifying applicants can: A Buy an existing, new, or old residential property B Buy a vacant serviced residential stand, linked to an NHBRC registered homebuilder contract; C Build a home on a self-owned serviced residential stand, or tribal stand (PTO) through an NHBRC registered homebuilder. <\/span><\/p>\n The once-off First Home Finance amount ranges between R30,001 and R130,505, depending on the applicant\u2019s monthly income.<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0WHO CAN APPLY?<\/strong> <\/span><\/p>\n Applicants intending to acquire residential property may apply for First Home Finance if they meet the following qualifying criteria: – <\/span><\/p>\n \u00a0South African citizen with a valid ID; or permanent residents with a valid permit; Over 18 years and competent to legally contract. <\/span><\/p>\n Have never benefited from a Government Housing Subsidy Scheme before. <\/span><\/p>\n Have an Approval in Principle of home loan from an accredited South African financial institution; and First time home buyer, earning from R3,501 to R22,000 per month.<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0Requirements The following CERTIFIED COPIES<\/strong> are required as supporting documents when applying for First Home Finance: <\/span><\/p>\n \u00a0RSA bar-coded Identity Document (ID) Bar-coded Permanent Residence Permit (where applicable) Birth Certificates\/RSA ID\u2019s of all financial dependents (where applicable) <\/span><\/p>\n \u00a0Proof of Foster Children Guardianship (where applicable) <\/span><\/p>\n Marriage Certificate, Civil Union Certificate or Cohabiting Affidavit, Proof of Partnership (where applicable) <\/span><\/p>\n \u00a0Divorce Settlement (where applicable) \u00a7 Spouse\u2019s Death Certificate (where applicable) <\/span><\/p>\n Proof of Monthly Income \u00a7 Home Loan Approval in Principle\/Grant letter from an accredited Lender \u00a0Agreement of sale for the residential property \u00a7 Building Contract and Approved Building Plan (where applicable)<\/span><\/p>\n Accessing First Home Finance REDUCES AUGMENTS Property Price Approved Home Loan Less FHF as a deposit Eventual Home Loan Amount First Home Finance REDUCES the initial home loan amount, making monthly loan repayment instalments affordable (payment made to home loan account) <\/span><\/p>\n SUBSIDY QUANTUM Example 1 is based on a R9 000 p\/m income – band, where the individual after the Lender\/Bank’s credit and affordability assessment, based on the National Credit Act (NCA) criteria, qualified for R300,000 home loan. R300,000 R300,000 R93,526 R206,474 Property Price Approved Home Loan Less FHF as a HL TOP UP Eventual Home Loan Amount R300,000 R300,000 R93,526 R206,474 First Home Finance AUGMENTS shortfall between the qualifying loan amount and the total product price (payment made to transfer attorneys) <\/span><\/p>\n SUBSIDY QUANTUM Example 2 is based on a R9 000 p\/m income-band, where the individual after the Lender\/Bank’s credit and affordability assessment, based on the National Credit Act (NCA). Upon the lender granting of the home loan, the developer, banks, and estate agents.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ make_equal=”on” use_custom_gutter=”on” gutter_width=”1″ specialty=”on” padding_top_1=”0px” admin_label=”Work Section” module_class=” et_pb_specialty_fullwidth” _builder_version=”4.15″ inner_width=”100%” inner_width_tablet=”100%” inner_width_phone=”100%” inner_width_last_edited=”on|desktop” inner_max_width=”100%” inner_max_width_tablet=”100%” inner_max_width_phone=”100%” inner_max_width_last_edited=”on|desktop” custom_padding=”0px|5%|0px|5%” make_fullwidth=”on” locked=”off”][et_pb_column type=”1_2″ _builder_version=”4.15″ custom_padding=”|||” padding_top__hover=”0px” parallax__hover=”off” parallax_method__hover=”on” custom_padding__hover=”|||”][et_pb_image src=”\/wp-content\/uploads\/2019\/02\/IMG_2971-e1552574000911.jpg” show_in_lightbox=”on” use_overlay=”on” overlay_icon_color=”#353740″ 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box_shadow_vertical=”0px” box_shadow_spread=”10px” box_shadow_color=”#ffffff”][\/et_pb_image][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][\/et_pb_section][et_pb_section fb_built=”1″ prev_background_color=”#ffffff” _builder_version=”4.15″ background_color=”#ffcc00″ use_background_color_gradient=”on” background_color_gradient_start=”#ffcc00″ background_color_gradient_end=”#000000″ background_color_gradient_direction=”181deg” background_color_gradient_start_position=”13%” custom_padding=”125px|0px|85px|0px|false|false” top_divider_style=”mountains2″ locked=”off”][et_pb_row _builder_version=”4.15″][et_pb_column type=”4_4″ _builder_version=”4.15″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_divider show_divider=”off” _builder_version=”4.15″][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.15″][et_pb_column type=”4_4″ _builder_version=”4.15″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_divider show_divider=”off” _builder_version=”4.15″][\/et_pb_divider][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" [et_pb_section fb_built=”1″ admin_label=”Hero” _builder_version=”4.15″ background_color=”#fcd21d” background_image=”http:\/\/dev.website.ecdhs.gov.za\/wp-content\/uploads\/2019\/01\/circle-background-pattern.png” custom_padding=”67px|0px|67.1875px|0px|false|false” animation_style=”zoom” animation_intensity_zoom=”4%”][et_pb_row _builder_version=”4.15″ custom_padding=”|||” animation_style=”slide” animation_direction=”top” animation_intensity_slide=”3%”][et_pb_column type=”4_4″ _builder_version=”4.15″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.6.1″ text_font=”Montserrat|500||on|||||” text_text_color=”#353740″ text_font_size=”16px” text_letter_spacing=”3px” custom_margin=”||45px|” animation_style=”slide” animation_direction=”bottom” hover_enabled=”0″ locked=”off” sticky_enabled=”0″] First Home Finance [\/et_pb_text][et_pb_text _builder_version=”4.6.1″ text_font=”||||||||” header_font=”Montserrat|700||on|||||” header_text_color=”#f7f7f7″ header_font_size=”60px” header_line_height=”1.3em” custom_margin=”|||” animation_style=”fade” hover_enabled=”0″ header_font_size_last_edited=”off|desktop” locked=”off” sticky_enabled=”0″] First Home Finance [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Feature Section 03″ _builder_version=”4.15″ custom_margin=”|||” […]<\/p>\n","protected":false},"author":16,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/www.ecdhs.gov.za\/index.php\/wp-json\/wp\/v2\/pages\/1560"}],"collection":[{"href":"https:\/\/www.ecdhs.gov.za\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.ecdhs.gov.za\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.ecdhs.gov.za\/index.php\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ecdhs.gov.za\/index.php\/wp-json\/wp\/v2\/comments?post=1560"}],"version-history":[{"count":19,"href":"https:\/\/www.ecdhs.gov.za\/index.php\/wp-json\/wp\/v2\/pages\/1560\/revisions"}],"predecessor-version":[{"id":102605,"href":"https:\/\/www.ecdhs.gov.za\/index.php\/wp-json\/wp\/v2\/pages\/1560\/revisions\/102605"}],"wp:attachment":[{"href":"https:\/\/www.ecdhs.gov.za\/index.php\/wp-json\/wp\/v2\/media?parent=1560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}