The Social Security System (SSS) offers a Housing Loan for Repairs and/or Improvements to eligible members who are considering renovating or improving their current home. To apply, the principal applicant must be a member of SSS with at least 36 months of membership. Eligible applicants must submit a filled-out Mortgagor’s Application form with ID pictures, a Certificate of Loan Eligibility, and a P100 service fee. Relevant certifications for overseas Filipino workers are also required.
There are four types of housing loans offered by SSS: Direct Housing Loan Facility for Workers’ Organization Members; Direct Housing Loan Facility for Overseas Filipino Workers; and Housing. To apply for a direct loan, applicants must submit the application form and all necessary documents to their nearest SSS branch. For a PFI loan, applicants should inquire with their chosen PFI.
To apply, applicants can file at their nearest SSS cluster branch or the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue. Documents required include pictures of existing collateral, the existing house and lot, two copies of the Application for Direct House Repair and/or Improvement Loan, and continuous payment for the past two years.
In summary, the SSS offers a Housing Loan for Repairs and/or Improvements to eligible members who are considering renovating or improving their homes. To apply, applicants must meet certain qualifications and submit necessary documents, such as pictures of existing collateral, the existing house and lot, and the application for the Direct House Repair and/or Improvement Loan.
📹 STEP BY STEP GUIDE ON SSS HOUSING LOAN 2022 REQUIREMENTS | REPAIRS & IMPROVEMENTS | @gineerbens
Who is qualified for a SSS housing loan in the Philippines?
The borrower must be a member of SSS with at least 36 months of contributions and 24 continuous contributions prior to application, not older than 60 years, not previously granted a repair or improvement loan by SSS or NHMFC, and not received final SSS benefits. The borrower and spouse must be updated on their other SSS loans. The loan can be for the extension, expansion, and enhancement of the economic and aesthetic value of an existing housing unit.
What are the requirements for an OFW loan?
To qualify for an OFW loan, an applicant must demonstrate a stable employment status, including the presence of a work contract, a regular salary, and a secure position. Additionally, the applicant must exhibit a consistent and sufficient income source, as well as a stable income level.
What is the maximum loanable amount in SSS?
The value of the collateral must be at least 70% of the loan amount, not exceeding 90%, and the borrower’s capacity to repay the loan must be demonstrated. The loan may be repaid in an amount up to ₱450, 000. The interest rate is 0. 00% to 8. 00% per annum, with a minimum of P450, 000. The maximum loan amount is 1, 000, 000. The repayment period may extend up to nine years, with the loan amount exceeding one million. The loan amount may range from P0.
00 to P1, 500, 000. The interest rate is 0% for loans of up to 10 p. a. and for loans above P1, 500, 000. A maximum of P2, 000, 000. For an annual fee of up to 11, the amortization period must be in multiples of five.
Can OFW apply for a SSS loan?
Salary loan applications for overseas Filipino workers (OFWs) may be submitted via the Internet or at the Social Security System (SSS) Foreign Representative Offices in selected countries. It is incumbent upon employers to possess an SSS Web account and to submit their applications to the appropriate SSS branch for certification. The application may be transmitted to the following address: member_relations@sss. gov. ph.
How many days does SSS loan approval take?
The SSS salary loan process typically takes 3-5 working days to approve and is credited to the enrolled bank account through the Disbursement Account Enrollment Module (DAEM). This module is part of the My. SSS online portal, allowing employers and members to enroll their bank accounts to receive loan disbursements. The SSS will credit the benefits and loan proceeds to the registered wallet or bank account.
How to check SSS loan eligibility?
In order to be eligible for a one-month loan, a member-borrower must have made a total of 36 monthly contributions, six of which must have been made within the 12 months preceding the filing of the application.
What are the requirements to loan in SSS?
To apply for a Direct House Repair and/or Improvement Loan, you must be a member of SSS with at least 36 months of contributions, 24 continuous contributions in the past 24 months, and within the age limit of 60 years. You must have no existing unpaid SSS loans and not yet availed of final benefits. The application form can be downloaded from the SSS website. If you don’t have SS ID cards, you can submit two valid IDs with signatures. For employed individuals, you need the latest Income Tax Return, a Certification of Employment and Compensation, and two recent payslips.
How much is the first loan in SSS 2024?
The loan amount is calculated as a single monthly salary credit (MSC), based on the average of the preceding twelve months or the requested amount, whichever is lower, upon loan approval.
How long does it take to get a SSS loan after approval?
The disbursement of loan proceeds to the borrower is scheduled to occur within a period of three to five business days following the approval of the loan. The funds can be accessed by the borrower via Megalink, Bancnet, and Expressnet Automated Machines.
Can I apply for a loan in the Philippines while abroad online?
A personal loan application may be submitted online while the applicant is abroad. However, the applicant must be physically present in the Philippines to sign the loan documents at any BPI branch after the loan has been approved.
What are the requirements for a SSS loan?
To apply for a Direct House Repair and/or Improvement Loan, you must be a member of SSS with at least 36 months of contributions, 24 continuous contributions in the past 24 months, and within the age limit of 60 years. You must have no existing unpaid SSS loans and not yet availed of final benefits. The application form can be downloaded from the SSS website. If you don’t have SS ID cards, you can submit two valid IDs with signatures. For employed individuals, you need the latest Income Tax Return, a Certification of Employment and Compensation, and two recent payslips.
📹 Magkano ang pwedeng ma I-LOAN sa SSS HOUSING LOAN? Ngayong 2023
Ssstutorial #tutorial #sssloan #disbursement #sssmaternity #ssshousingloan All SSS MEMBERS; Narito na ang sagot sa mga …
andami talagang kalokohan na naiisip nung gumawa ng requirment para sa house repair loan na yan. parang yung may pera lang din pweding maka avail nyan. pwede naman sana kahit land tittle income tax,payslip saka tuloy² na hulog sa sss.. parang ayaw ka pautangin ng sss🤣🤣 buti pa sa bangko basta may pang colateral ka lang
hi po tanong ko lng po ang lupa ng UP diliman po ba ay tunay na kanila? kasi po may grupo pong ngbebenta ng lupa ng UP diliman eto po ung kahabaan ng philcoa at ung gubat sa UP. may hawak silang legit TCT at nghahanap sila ng mgsponsor upang mabayaran ang penalty tax nto.. at katunayan ay nkahnap n sila ng sponsor at bibili ng lupa. para po mapaliwanagan at mapanagot ang mga gropung ito. sila po ay galing sa tiburcio clan. concerned citizen lng po