Details about the SSS Housing Loan Interest Rates 2024 for House Repair, Home Improvement
SSS HOUSING LOAN INTEREST RATES 2024 – Here are the rates set by the Social Security System under its loan offer for house repair or home improvement.
The Social Security System is one of the social insurance giants in the Philippines with a lot of offers for its members. It has the SSS loans which includes the Housing Loan offer that can finance a house repair or a home improvement.
Under the SSS Housing Loan 2023, both major and minor house repair and home improvement projects can be covered. It may finance house repair and home improvement projects that 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
Yes, there are qualifications under the Housing Loan offer but they are highly-attainable. To qualify for the loan offer, the member-borrower must meet the following eligibility criteria:
- 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
The SSS Housing Loan loanable amounts may vary but the maximum amount allowed for borrowing has been posted. How about the SSS Housing Loan interest rate, it is at 9% per year.
The Housing Loan is payable from five (5) years up to 20 years except in the case of overseas Filipino workers (OFWs). The Social Security System considers the following with regards to the maximum loan term:
- The principal borrower’s age shall not exceed 65 years old at the time of loan maturity; and
- The loan term shall not exceed the economic life of the house after repairs and/or improvements are introduced as determined by the SSS appraiser.
For OFW borrowers, a maximum of 15 years loan term is allowed. On the repricing, according to SSS, “loans with a payment term of not more than 15 years shall bear a fixed interest rate”. With regards to a loan that is beyond 15 years “shall bear a fixed interest rate only during the first 15 years of the loan term but thereafter shall be subject to re-pricing every five years starting on the anniversary month of the 15th year”.
If you want to apply for the loan offer of the Social Security System, prepare the documentary requirements for SSS Housing Loan application. Only the application with complete requirements will be processed.
The documentary requirements includes the documents about the SSS Housing Loan collaterals involed in the loan offer.