Details about the SSS Housing Loan Interest Rate 2023 for Member-Borrowers
SSS HOUSING LOAN INTEREST RATE 2023 – You can check the details below for the interest rate implemented by the Social Security System.
Millions of Filipinos are employed in the private sector. Most of these individuals are members of the Social Security System. Aside from the locally-employed individuals, the other members include the self-employed individuals, overseas Filipino workers (OFWs), and voluntary members.
The members of the Social Security System contribute a certain amount monthly as savings to their membership accounts. Accumulated savings can qualify them to the benefits and loans offered by the state-run social insurance institution including the SSS Salary Loan 2023 and the Housing Loan offer.
The SSS Housing Loan offer can finance major house repairs as well as minor home improvements. The purposes of applying for the loan offer include the following:
- extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
- construction of concrete fence and steel gate
- completion of an occupied bare house
- installation of deep well and motor pump
To qualify for the loan offer, the member-borrower must meet the following eligibility requirements:
- member must have posted at least 36 monthly contributions with 24 continuous contributions prior to the application
- not more than 60 years old at the time of application
- not previously granted a repair and/or improvement loan by the SSS or NHMFC
- not been granted final SSS benefits
- borrower and spouse is updated in the payment of their other SSS loan(s)
The loanable amount under the SSS Housing Loan 2023 varies among members depending on the collateral, the actual need, and the member’s capacity to pay. With regards to the SSS Housing Loan interest rate 2023, it is at 9% per annum.
The SSS Housing Loan interest rate 2023 will be implemented until the loan is fully-paid by the borrower. The minimum loan term is five (5) years while the maximum is 20 years.
For application to the loan offer, prepare the requirements for SSS Housing Loan 2023 application and submit them to a branch of the SSS nearest to you. The assessment of your loan application may take a few weeks to a month.