Details about the SSS Housing Loan Loanable Amounts 2024 — A Guide for Members
SSS HOUSING LOAN LOANABLE AMOUNTS 2024 – Here is a guide on the borrowing amounts allowed under the Social Security System loan offer.
In the Philippines, millions of Filipinos are members of the Social Security System. More popularly called SSS, it is a state-run social insurance giant that has several benefits and loans for its members.
To maintain an updated account in the pursuit of qualifying for the SSS benefits and SSS loans, members regularly post monthly contributions. One of the offers is the SSS Housing Loan that was crafted to help members fund their house repair or home improvement projects.
Here are some of the projects that may be funded by the Social Security System Housing Loan offer:
- 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
To qualify for the loan offer, the member-borrower must meet the following eligibility criteria set by the SSS under its loan offer:
- 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
On the SSS Housing Loan loanable amounts, the borrowing amounts allowed may vary with a maximum cap limit of Php 1 million. There are certain considerations weighed by the state-run social insurance agency with regards to the loanable amount per loan application:
- 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 SSS Housing Loan loanable amount is payable for up to 20 years. Under the offer, the Social Security System has been specific on the SSS Housing Loan collaterals that are acceptable for application.
Are you interested to apply for the loan offer? The first must be the preparation of the SSS Housing Loan requirements which vary if the residential property involved is a condominium property or other types of residential properties.
