Guide on the SSS Housing Loan Offer for Members
SSS HOUSING LOAN – You may turn to the Social Security System for the financing of your house repair or home improvement projects.
Undeniably, the most popular housing loan offer provided by a government entity is the Pag-IBIG Housing Loan. Meanwhile, for the individuals who are members of both the Fund and the Social Security System, there is another loan offer — the Housing Loan provided by the social insurance institution.
The SSS Housing Loan provided by the state-run social insurance giant is open to finance a house repair or home improvement projects. It can fund any of the following:
- extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
- construction of concrete fence and steel gate
- completion of an occupied bare house
- installation of deep well and motor pump
A lot of members of the Social Security System are qualified to the Housing Loan offer of the state entity but many are not aware about it. The said offer is open for members who meet the following qualifications:
- member must have posted at least 36 monthly contributions with 24 continuous contributions prior to the application
- not more than 60 years old at the time of application
- not previously granted a repair and/or improvement loan by the SSS or NHMFC
- not been granted final SSS benefits
- borrower and spouse is updated in the payment of their other SSS loan(s)
With regards to the loanable amount under the SSS Housing loan offer, it will be based on the appraised value of the collateral. The state-run social insurance entity may lend members at least 70% but to not exceed 90%.
The SSS considers the actual need of the borrowers. The interest rate is set at 9% per annum. The loan is payable from five (5) years up to 20 years. In applying for the offer, there are SSS Housing Loan requirements that you must prepare and submit to the state entity:
