Guide on SSS Housing Loan 2024 Application Process
SSS HOUSING LOAN 2024 – Here’s a guide on how to apply for the offer for the purpose of house repair or home improvement.
Are you looking for a loan offer that can help you finance your house repair or home improvement project? If you are a member of the Social Security System, you may turn to the state-run social insurance giant for its Housing Loan offer.
The SSS Housing Loan offer is solely for the financing of house repair and home improvement projects. It can finance both major and minor projects including 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
How much may be borrowed under the offer? The SSS has posted the maximum loanable amount under its Housing Loan offer but it has considerations like the actual need for the project. The SSS Housing Loan interest rate has also terms.
Step 1 — Check the qualifications. Here are the eligibility criteria that an SSS member-borrower must meet to qualify for the 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
Step 2 — Check the Required Collaterals. The Social Security System has set specific requirements with regards to the acceptable collaterals under the SSS Housing Loan offer.
Step 3 — Gather the Required Documents. In applying for the loan offer, there are SSS Housing Loan requirements that you must prepare and submit to the state-run social insurance giant. Make sure you have all the original copies of the documents required for application.
Step 4 — Go to SSS. Head to a branch of the Social Security System (SSS) nearest to you and submit the documentary requirements for the loan application. Wait for an update from the state-run social insurance giant with regards to the result of the loan application.
If you wish to apply for the loan offer, it would also be best to know the SSS Housing Loan fees. The loan proceeds may have some deductions.