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Are You Eligible for SSS Housing Loan?

Most people know about the Pag-IBIG Housing Loan, but Social Security System (SSS) also has a couple of Housing Programs too. Are you qualified for this government loan?
SSS has four housing programs with various purposes. These programs also have specific eligibility requirements a borrower has to meet. It is still a question if every SSS member can be qualified to buy a brand new home.

SSS Housing Loan Eligibility
You have to be an active SSS member who has paid the premium contribution for the past 36 months. You should have continuous payment for the past two years.
You must also be a first-time borrower for an SSS housing loan and has not granted the final SSS benefits. The final SSS benefits are the retirement benefits of the benefits for members who had permanent disabilities.
Direct Housing Loan Facility for Workers’ Organization Members
This housing loan is only offered to Filipinos who are members of Workers’ Organization Members. This includes the national and local unions and workers in other private sectors registered with various government organizations.
This is for buy a lot and for house construction on the lot, to purchase an already existing home, or constructing a home on an owned lot.
The interest rate starts at 8% for Socialized Housing Loan. This is the lowest interest rate among SSS Housing loan programs. You can borrow up to P2,000,000 with maximum interest rate of 11% per year payable from 5 to 30 years.
You can ask for any amount you need, but the final amount is on the SSS’ sole discretion and will be based on your monthly contribution, current financial responsibilities, and income.
Direct Housing Loan Facility for OFWs
This housing loan is offered to OFWs who have been active members. In fact, SSS housing loans is famous among OFWs. We know that OFWs have a hard time saving up for their families, and a housing loan especially made for them is a tool to help them build a home for their families left here in the Philippines.
The purpose of the loan is to purchase a lot and construct a house on it, construct a house on an already owned lot, of buy a dwelling place.
You can borrow P2,000,000 payable up to 15 years with the maximum interest rate of 11% per annum. You can also borrow for a smaller amount for lesser interest rate.
Housing Loan for Repairs and/or Improvements
This is for the SSS active members who never has been granted a repair and/or improvement loan by the SSS. This is solely for home renovations and improvement, not for purchasing a home.
You can apply if you are planning to make major home repairs especially if your home is deemed unsafe. You can also request for such loan if you want to renovate your home for expansion and increasing the value of your home. However, the constructed parts must be permanently attached to the house.
If your house need some finishing, deep well installation or motor pump, then you can also qualify for a loan. if you are planning to construct a fence with a gate around your home, then you must make sure that the materials are either concrete or steel.
You can borrow up to P1,000,000 with an interest rate of 9% per annum. Remember than the interest rate will be repriced if you choose to apply for a term longer than 15 years. Aside from the interest rate, you also have to pay for the processing fee which is equivalent to ½ of 1% of loan amount or P500 but it will not be more than P3,000. The processing fee will be deducted from the first loan release.
Since the SSS is strict with the laid out purpose of the loan, it requires an inspection to make sure that the guidelines are being followed will. The inspection fee is P500 regardless if your property is in Manila or outside Manila.
Assumption of Mortgage
Let’s say you want to assume an SSS Housing Loan. Is this possible?
This is possible only if you have a good standing with the SSS. You must have a continuous contribution for the past 24 months with total contributions of not lower than 36 months.
A lending program of the Social Security System (SSS) allowing a member in good standing to assume the updated principal balance of an existing SSS housing loan. You must not also have any default loans especially if it is an SSS Salary or Housing Loan.
If you just want to make minor renovations, or you need to buy some furniture for your home, then you can just apply for a personal loan from Cash Mart. Cash mart offers online loans which you can use at your heart’s content. Find out more at

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