Guide on SSS Home Loan Amount, Interest Rate & Loan Terms
SSS HOME LOAN 2025 – Here is a guide on the loanable amounts as well as the interest rate under this Social Security System loan offer.
Are you one of the millions of Filipinos who are members of the Social Security System? It would be great to know the offers of the social insurance giant that can truly make things easier for you. One of them is the SSS House Repair/Improvement Loan or also called the SSS Home Loan.
The SSS Home Loan is an option not only for members who are struck by natural calamities that caused damages to their houses but as well as in normal cases of wanting to improve your house or get a part of it fixed. Undeniably, a lot of members of the social security giant are unaware about this offer.
With regards to the loanable amounts under the SSS loan offer, the maximum borrowing amount is P1 million. The social insurance giant considers the following factors in granting the loan amount applied for by a 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
The Social Security System implements minimal processing fee under the SSS Home Loan offer. According to the social insurance giant, the process fee is “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”.
Furthermore, the SSS also charges an inspection fee amounting to P500.00. The same amount applies as inspection fee among the areas that are within and outside the Metro Manila.
With regards to the interest rate, the Social Security System implements a 9% interest rate per annum under the SSS Home Loan offer. The member-borrower is allowed to repay the in 5, 10, 15, or 20 years for non-OFWs and up to 15 years for OFW member-borrowers.
According to SSS, the loan account will bear a fixed interest rate throughout the repayment duration if the loan term is not above 15 years. Otherwise, the interest will only be fixed during the 15 years of the loan repayment.
To qualify for the SSS Home Loan offer, here are the important factors:
- 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
To apply for the Social Security System loan offer, you need to prepare and submit the documents required by the social insurance giant depending if you are locally-employed, self-employed, or an OFW: