List of Requirements for SSS Housing Loan 2024 Application
REQUIREMENTS FOR SSS HOUSING LOAN 2024 – Listed below are the documents required by the Social Security System in applying for a Housing Loan.
Have you heard about the Housing Loan offer of the Social Security System? More popularly called SSS, it has a loan offer that is ready to finance home improvements and house repairs of qualified members.
The Social Security System, one of the biggest state-run social insurance institutions in the country, actually offers multiple SSS loans for its members. What makes its Housing Loan offer unique is that it was designed to finance home improvements and house repairs.
A qualified member of the Social Security System may apply for the loan offer to fund either a major or minor house repair or home improvement. The covered purposes may include the following:
- major repairs like the repairing housing units that are dilapidated and structurally unsafe
- minor home improvements including the following:
- installation of deep well and motor pump
- completion of an occupied bare house
- construction of concrete fence and steel gate
- extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
There are eligibility requirements for the SSS Housing Loan application. To qualify, the member-borrower must meet the following requirements:
- has posted a minimum of 36 months contributions with 24 continuous contributions in the period prior to application
- 60 years old and below at the time of application
- has not been granted a repair and/or improvement loan by the SSS or NHMFC
- has not been granted final SSS benefits
- updated in the payment of their other SSS loan(s), if any
In applying for the loan offer, there are also documentary requirements for SSS Housing Loan application that must be submitted to the state-run social insurance giant. If the property involved is not a condominium unit, here are the documents required in applying for the loan offer:
- duly-accomplished SSS Housing Loan Application Form for House Repair and/or Improvement (2 copies)
- SS ID Cards of the principal applicant and his/her spouse, if applicable
- proof of income:
- For locally-employed SSS members:
- latest Income Tax Return (original and photocopy for authentication)
- Certification of Employment and Compensation duly signed by the employer’s SSS authorized signatory
- payslips
- For self-employed SSS members:
- Income Tax Returns and Financial Statements for the last three (3) years (original and one photocopy)
- For professionals:
- Income Tax Returns and Financial Statements for the last three (3) years (original and one photocopy)
- For overseas Filipino workers (OFWs):
- Contract of Employment and Certification of Employment and Compensation duly authenticated by the Philippine Consulate or SSS Foreign Representative
- For locally-employed SSS members:
- Certified true copy of the Original/Transfer/Condominium Certificate of Title (OCT/TCT/CCT) issued by the Registry of Deeds together with owner’s duplicate copy
- latest Tax Declaration of Real Property (land and building) with the Official Receipt of Realty Tax Payment (original and one (1) photocopy)
- Lot/Location Plan
- prepared, signed & sealed by a licensed geodetic engineer
- prepared in a standard Bureau of Lands form (blueprint or whiteprint copy in 15” x 20” size)
- with Sketch of the lot with description of its boundaries
- with Lengths and bearings of the tie line and sides of the lot
- with sicinity map w/ landmarks, street pattern, street names and lot distance as reckoned/based from the lot to the nearest street intersection (2 copies)
- Consolidation-subdivision plan approved by the Land Registration Authority or Bureau of Lands/DENR-NCR (15” x 20” size; primary document) (1 copy)
- complete set of building plan
- Specifications and Bill of Materials & Labor must be signed & sealed by a licensed civil engineer or architect with owner’s conformity, for loans over P100,000
- Scope of Works showing list/itemized works to be done according to priority, prepared and signed by owner, civil engineer or architect. (original and one (1) photocopy)
- Building or Renovation Permit issued/approved by the Building Official with Locational Clearance, Electrical Permit, Sanitary/Plumbing Permit and corresponding official receipts of payments (original and one (1) photocopy)
- Pictures of existing collateral; the existing house and lot (1st – Front and one side, 2nd – Rear and other side, 3rd – Kitchen counter, and 4th – Toilet and Bath Pictures)
If the property involved is a condominium unit, here are the requirements that must be submitted for the SSS Housing Loan application:
- Floor plan of the specific condominium unit, scaled with size dimensions (20” x 30” size, blue/whiteprint copy) signed & sealed by licensed architect or civil engineer
- First page of the condominium building plans showing the site development plan, vicinity map, etc., as approved by the Building Official
- Architectural Plans showing the plan of the specific floor where the unit is located; Floor plan should be scaled with size dimensions