Guide on SSS Housing Loan Fees 2024 for Application
SSS HOUSING LOAN FEES 2024 – Here are some details that the member-borrowers of the Social Security System offer must be aware of.
Are you planning to apply for the Housing Loan offer of the Social Security System? Its offer is ready to finance major and minor house repairs and home improvement projects. It is just one of the many SSS loans that members may qualify for.
The SSS Housing Loan was designed to help the members in their house repair or home improvement goals. A qualified member may apply to finance major and minor projects which may include:
- 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
Who are qualified for the SSS Housing Loan application? Here are the eligibility requirements that the 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
Do you want to know which properties may be covered under the offer? Actually, the state-run social insurance giant has set a list of the SSS Housing Loan collaterals that are accepted under the loan offer.
Furthermore, it is important to know that the SSS Housing Loan loanable amount or proceeds may have some deductions. There are also SSS Housing Loan fees that must be paid for during the application process apart from the SSS Housing Loan interest.
With regards to the SSS Housing Loan fees, here are they:
- processing fee equivalent to ½ of 1% of loan amount or P500.00 whichever is higher but not to exceed P3,000.00 to be deducted from the first loan release
- inspection fee of P500 will be charged for both within and outside Metro Manila
If you agree with the SSS Housing Loan fees and would like to apply for the offer, gather the SSS Housing Loan requirements for application. The lists vary depending on the type of residential property involved in the loan application.
