Guide on SSS Housing Loan Loanable Amounts for Qualified Members
SSS HOUSING LOAN LOANABLE AMOUNTS – Here is a guide on how much you may borrow under an SSS loan for house repair and improvements.
Many Filipinos are members of the Social Security System (SSS). Many of these are employed in the private sector while others are self-employed individuals and some others are overseas Filipino workers (OFWs).
The SSS has several benefit and loan offers for members who have active accounts and have accumulated savings. It is an entity that you can turn for the financing of your house repair or improvements.
Are you planning to renovate or improve your home but you need some cash assistance? You may turn to the SSS Housing Loan offer for house repair and improvements. Under the offer, you may borrow at least 70% of the appraised value of the collateral but not more than 90% of the appraised value of the collateral. The maximum loanable amount is P1,000,000.00.
Who are qualified to apply for the loan offer? Like in most loans, there are eligibility requirements in applying for the loan offer. To be qualified to apply for the loan, the member-borrower must:
- be a bonafide member of the SSS; or
- a bonafide member of a registered workers’ organization in the private sector
- have posted at least 36 months premium contribution and 24 continuous contributions in a period prior to application
- not be more than 60 years old at the time of application and must be insurable
- not be a recipient of a previous SSS housing loan
- not be a recipient of a final SSS benefit
- be updated in the payment of SSS loans
All loan applications and the SSS Housing Loan loanable amounts for a member-borrower is subject to the approval of the state-run social insurance agency. The borrower’s capacity to pay is a factor. With regards to the documents needed in applying for the loan offer, feel free to visit – Requirements for SSS Housing Loan for House Repair / Improvement (LIST).
Do you want to check the other loans offered by the Social Security System? You may visit – SSS LOANS: 3 SSS Loan Offers For Members & How To Apply For Them.
