Guide on SSS Housing Loan Amount, Interest Rate & Loan Terms
SSS HOUSING LOAN 2025 – You can check here the loanable amount, the interest rate, and the terms under the Social Security System offer.
In the Philippines, members of the social insurance giants like the Social Security System have something to turn to in times emergency situations as well as in the pursuit of achieving big goals. Are you up to having your house renovated or repaired?
A lot of Filipinos including members of the Social Security System are undeniably unaware that the social insurance giant actually has the SSS Housing Loan offer. Among its loan offers, the SSS Calamity Loan and the Salary Loan remain the most popular.
In times of calamities that leave damages to properties, the SSS Housing Loan offer is also something that the victims of the natural disasters may turn to. How much is the SSS Housing Loan amount allowed for borrowing?
With regards to the SSS Housing Loan amount that qualified members may borrow, according to the social insurance giant, the maximum loanable amount is P1 million. Here are the factors that the social insurance giant considers in deciding how much a member may be allowed to borrow:
- appraised value of collateral of at least 70% but not to exceed 90%
- actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS
- borrower’s capacity to pay
Aside from knowing about the SSS Housing Loan amount allowed for borrowing, it is also important to know that the social insurance giant implements “a processing fee equivalent to ½ of 1% of loan amount or Php 500.00 whichever is higher but not to exceed Php 3,000.00”. It will be deducted from the first releasing of the loan proceeds.
The SSS also implements an inspection fee amounting to P500. The same amount applies for areas within and outside Metro Manila. With regards to the interest rate under the loan offer, it is at 9% per annum.
An SSS member-borrower may be allowed to repay the loan for up to 15 years which comes with a fixed interest rate. For the repayment beyond 15 years, the loan will only bear a fixed interest rate only during the first 15 years of the loan term. The maximum loan term is 15 years for overseas Filipino worker members and 20 years for non-OFW members.
Here are the factors that the SSS also consider with regards to the loan offer:
- principal borrower’s age shall not exceed sixty-five (65) years old at the time of loan maturity
- loan term shall not exceed the economic life of the house after repairs and/or improvements are introduced as determined by the SSS appraiser
In applying for the Social Security System loan offer, there are documents that you need to prepare and submit to the social insurance giant. Here’s a guide: