Guide on SSS Housing Loan Collaterals Accepted by the State Institution
SSS HOUSING LOAN COLLATERALS 2024 – Here is a guide on the collaterals accepted under the offer as well as the qualifications for application.
Nowadays, more and more people prefer loans in accomplishing huge projects most especially with regards to residential properties. Are you one of those who are planning to do some house repairs or home improvements?
In the Philippines, if you are one of the multi-million members of the Social Security System, you may turn to the SSS Housing Loan offer. One of the SSS loans is the housing loan that can finance house repairs and home improvements.
An SSS member may qualify to apply for the loan offer to finance any major or minor house repairs or home improvements which 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
With regards to the SSS Housing Loan collaterals accepted by the state-run social insurance giant, it accepts the following:
- Transfer Certificate of Title/Original Certificate of Title/Condominium Certificate Title (TCT/OCT/CCT) registered under the Torrens System
- must be issued by the Registry of Deeds
- in the name of the principal borrower and/or his spouse free from liens and encumbrances.
The Social Security System is also specific on the collaterals that it does not accept just as it is specific on the acceptable SSS Housing Loan collaterals. Here are those that are not accepted by the state-run social insurance giant:
- land type other than residential
- less than 15 sq. meters floor area for condominium units
- less than 32 sq. meters lot area
- road right of way is less than 1.5 meters
- free/Homestead/Misc. Sales Patent Titles
There are eligibility requirements in applying for the SSS Housing Loan offer. To qualify, here is the eligibility criteria that the member must meet:
- 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
Aside from the eligibility requirements, there are documentary requirements for SSS Housing Loan application that must be submitted to the Social Security System. All the documents must have original copies.
