Details about the SSSS Housing Loan Amount 2023 — How Much You May Borrow
SSS HOUSING LOAN AMOUNT 2023 – Here are the minimum and maximum loanable amounts under the Social Security System loan offer.
In the Philippines, there is a huge benefit if you are a member of the Social Security System, more popularly called SSS, who has an updated account. You may qualify for the benefits and loans offered by the state-run social insurance agency.
Most of the members of the SSS are locally-employed individuals in the private sector. Meanwhile, there are also those who are self-employed as well as overseas Filipino workers (OFWs) and voluntary members. They submit a monthly contribution based on the SSS Monthly Contribution 2023.
Aside from the SSS Salary Loan 2023, also one of the loans offered by the Social Security System is the Housing Loan offer. It serves the purpose of house repair or home improvement which may include major projects as well as the following minor projects:
- extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
- construction of concrete fence and steel gate
- completion of an occupied bare house
- installation of deep well and motor pump
With regards to the SSS Housing Loan amount 2023, the state-run social insurance agency did not indicate the least amount that a member may borrow but it posted the maximum loanable amounts. It is at P1 million.
According to the Social Security System, the SSS Housing Loan amount 2023 will be based on the appraised value of the collateral of at least 70% but to not exceed 90%. The government institution will also assess the borrower’s capacity to pay as well as the actual need.
To qualify for the loan offer, the SSS member-borrower must feet the following qualifications for application:
- member must have posted at least 36 monthly contributions with 24 continuous contributions prior to the application
- not more than 60 years old at the time of application
- not previously granted a repair and/or improvement loan by the SSS or NHMFC
- not been granted final SSS benefits
- borrower and spouse is updated in the payment of their other SSS loan(s)
To apply for the offer, prepare the requirements for the SSS Housing Loan. Submit your documents to a branch of the Social Security System nearest to you.