Guide on SSS Housing Loan Amount, Interest Rate & Loan Terms
SSS HOUSING LOAN 2025 – You can check here the loanable amount, the interest rate, and the terms under the Social Security System offer.
The Social Security System, a social insurance giant in the Philippines, is known to have many benefit and loan offers for its members. While the Salary Loan offer is very popular, another loan offer that may be helpful towards a lot of members is the Housing Loan.
The SSS Housing Loan is another loan offer that members may turn to in times of natural disaster aside from the SSS Calamity Loan. The said offer is ready to finance house repairs and home improvements. Thus, if your house got damaged by a calamity, you may apply for it.
How much is loanable under the SSS Housing Loan offer? According to the social insurance giant, with regards to the borowing amount allowed, the maximum amount is P1 million. Here are the factors that are being considered in the grant of the loan amount for the member-borrower:
- appraised value of collateral of at least 70% but not to exceed 90%
- actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS
- borrower’s capacity to pay
Like in most loan offers, there is a processing fee that the Social Security System applies. According to the SSS, “a processing fee equivalent to ½ of 1% of loan amount or Php 500.00 whichever is higher but not to exceed Php 3,000.00” will be deducted from the first releasing of the loan proceeds.
Aside from the processing fee, the SSS also charges an inspection fee of P500.00. The said amount is applied on inspections of properties located within and outside the Metro Manils.
How about the interest rate under the SSS Housing Loan offer? According to the social insurance giant, it implements an interest rate of 9% per annum. The loan repayment of no more than 15 years will have a fixed interest rate while those beyond 15 years will bear a fixed interest rate only during the first 15 years of the loan term.
Furthermore, the SSS stated that the loan interest rate is subject to the re-pricing every five (5) years. The loan is payable in 5, 10, 15, or 20 years for non-OFWs and up to 15 years for OFW member-borrowers.
Here are the qualifying factors considered by the SSS for the loan application:
- principal borrower’s age shall not exceed sixty-five (65) years old at the time of loan maturity
- loan term shall not exceed the economic life of the house after repairs and/or improvements are introduced as determined by the SSS appraiser
Are you interested to apply for the loan offer of the Social Security System? The requirements’ lists vary: