Many first time home owners are not aware how they can save thousands of Rands on the existing home loans by claiming their FLISP subsidies once they own their own homes.

If a home loan is paid off over the normal 20-year term, the interest that is paid to a financial institution is often more than the capital borrowed, says Meyer de Waal, a conveyancing attorney in Cape Town, who made a study of home loan repayments, how to save thousands of Rands on home loan repayments and FLISP subsidies.

Says de Waal:” If the buyer is a first time home owner, then such home owner can save thousands of Rands, if the proceeds of a FLISP policy are paid into the home loan account, reducing the capital as a “once-off” payment.

Not many first-time home owners are aware that they can apply retrospectively for a FLISP subsidy, where they have never apply for the subsidy previously.”

Read more in this article prepared by Meyer de Waal:
https://mdwinc.co.za/2023/01/17/how-to-save-r420-000-00-on-a-home-loan-of-r605-480-00/