Guide on the SSS Housing Loan Fees / Service Charges
SSS HOUSING LOAN FEES – Below is a detailed guide on the service charges implemented by the Social Security System under its loan offer.
Qualified members of the Social Security System (SSS) may turn to the government agency for the financing of a home renovation or improvement. Its offer covers a set of home improvement-related purposes for application such as the following:
- Major repairs, particularly for dilapidated and structurally unsafe housing units;
- Improvements which shall apply to:
- Extension or expansion and enhancement of economic and aesthetic value of an existing housing unit. Said improvements shall be permanently attached to the house.
- Completion of an occupied bare house.
- Construction of concrete fence and steel gate.
- Installation of deep well and motor pump.
The Social Security System has set different range of loanable amounts under the SSS Housing Loan offer. The borrowing amounts under this loan offer for house repair and improvements vary depending on several factors.
With regards to the SSS Housing Loan fees, it is crucial to be aware of the service charges implemented by the state-run social insurance institution before proceeding to the loan application.
- Processing Fee – equivalent to ½ of 1% of loan amount or P500.00 whichever is higher but not to exceed P3,000.00
- Inspection Fee – P500.00
There is a short process for the SSS Housing Loan application which includes gathering the documentary requirements set by the state institution. With regards to the SSS Housing Loan interest rate, it is implemented per annum.
You have the opportunity to take advantage of the SSS Housing Loan calculator offered by the government-operated social insurance institution. This calculator allows you to assess and determine the loan amount or monthly payments that you could potentially qualify for in the SSS loan.