List of SSS Calamity Loan Requirements Member Must Meet To Qualify
SSS CALAMITY LOAN REQUIREMENTS – For qualification to the Social Security System loan offer, here is the criteria that a member must meet.
In the Philippines, one of the entities that many Filipino people can turn to for calamity loans is the Social Security System. More popularly called SSS, it has millions of members across the nation. The social insurance entity has also opened its membership to Filipinos working abroad.
There are several advantages inbeing a member of the SSS and in constantly making the effort to have an updated account. How to update your account? You just have to regularly post SSS monthly contributions which would depend on certain factors including the source of income and the amount of the monthly earning.
With regards to the benefits of being an SSS member, there are several SSS benefits that attend to different situations that members may turn to. The social insurance entity also offers the SSS Calamity Loan, one of its three (3) major loan offers.
The SSS Calamity Loan was designed to help the members in times of natural disasters. What are the SSS Calamity Loan requirements? The list includes qualifications such as the following:
Member…
- Must be registered in the SSS Website (My.SSS facility) to facilitate filing of online application.
- Must have at least thirty-six (36) monthly contributions, six (6) of which should be posted within the last twelve (12) months prior to the month of filing of application.
- Must have at least six (6) posted monthly contributions under the current coverage/membership type prior to the month of loan application for Self-Employed, Voluntary (including Non-Working Spouse), and Overseas Filipino Worker (SE/VM/OFW) members who are land based.
- Must be residents of the calamity declared areas and suffered damages/loss to their properties. A resident, for the purpose of CLAP, is one who has a home address or property at the calamity-stricken area.
- Have not been granted any final benefit, i.e., permanent total disability or retirement.
- Must have no past due SSS Short-Term Member Loans.
- Must not have an outstanding Loan Restructuring Program (LRP) or Calamity Loan Assistance Program (CLAP).
The SSS Calamity Loan requirements include some parts that have to be accomplished by the employer if the member-borrower is employed. Here are the things that the employer must do or submit:
- The employer must certify the Loan Application of their employees and must attest to the following:
- The borrower is presently employed by the employer or the company.
- The employee’s net take-home pay is sufficient to cover the deduction of the loan monthly amortization.
- The employer shall be responsible for the collection through payroll deduction and remittance to the SSS of the amortization due on the employed member’s loan.
- In case the employed member is separated voluntarily (e.g., retirement or resignation) or involuntarily (e.g., termination of employment or cessation of operations of the company) from the company, the employer shall deduct the total balance of the loan from any benefit/s due the employee and shall remit the same in full to SSS.
- The employer shall report to the SSS the effective date of no earnings from the company of the employed member and its corresponding reason, through Payment Reference Number (PRN) – Loan Collection List (LCL) under the Real-Time Processing of Loans (RTPL) program, if the salary or benefit/s of the employed member is/are insufficient to fully repay his/her loan.
- The employer shall require a new employee to secure an updated statement of account through his/her My.SSS account, deduct the amortization due from his/her salary and remit the payment to SSS.
In the case of the employee-borrowers who wish to apply for the loan offer, here are the SSS Calamity Loan requirements:
- The member-borrower shall update his/her contact information by logging in to his/her My.SSS account through the SSS website or mobile application or by submitting a properly filled out Member Data Change Request Form (E-4) to the nearest SSS Branch.
- A member who transfers employment shall automatically authorize his/her new employer to deduct from his/her salary the corresponding amortization due, including any interest or penalty for late remittance.
How To Apply
To apply for the SSS Calamity Loan offer, a member-borrower may file/submit the calamity loan application online thru the My.SSS Website, or thru the MySSS App. According to the SSS, the member-borrower shall enroll/nominate his/her valid bank account in the Disbursement Account Enrollment Module (DAEM) and shall be used as mode of disbursement of calamity loan application by accessing the member’s My.SSS account.