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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.

Are You Eligible for SSS Housing Loan?

SSS Housing Loan Eligibility

If you want to secure approval, assess if you can comply with the SSS housing loan requirements. 

You have to be an active SSS member who has paid the premium contribution for the past 36 months. You should have had continuous payment for the past two years.
Also, you must be a first-time borrower for an SSS housing loan and have not been granted the final SSS benefits. The final SSS benefits are the retirement benefits of benefits for members who have permanent disabilities.

Different SSS Housing Loan Offered

SSS Housing Loan caters to every Filipino family. But it depends on your needs and your membership type. Check out which of these four types you can apply. 

Direct Housing Loan Facility for Workers’ Organization Members

Housing loans offered by SSS are for Filipinos who are members of the Workers’ Organization Members. Also, it includes the national and local unions and workers in other private sectors registered with various government organizations.
This is for buying a lot and for house construction on the lot, purchasing 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 a maximum interest rate of 11% per year payable from 5 to 30 years.
You can ask for any SSS housing loan amount you need. But, the final amount is at 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, the SSS housing loan 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, or buy a dwelling place.
You can borrow P2,000,000 payable for up to 15 years with a maximum SSS loan interest rate of 11% per annum. Also, you can borrow for a smaller amount for a lesser interest rate. However, you need to complete the SSS Housing Loan requirements for OFW first. 

Housing Loan for Repairs and/or Improvements

This is for the SSS active members who never have been granted a repair and/or improvement loan by the SSS. This is solely for home renovations and improvement, not home purchasing.
You can apply if you plan to make major home repairs especially if your home is deemed unsafe. You can also request such a loan if you want to renovate your home for expansion and increase the value of your home. However, the constructed parts must be permanently attached to the house.
You can qualify for an SSS home improvement loan if your house needs some finishing, deep well installation, or a motor pump. If you plan to construct a fence with a gate around your home, you must make sure that the materials are either concrete or steel.
You can borrow up to P1,000,000 with an SSS loan interest rate of 9% per annum. Remember that the SSS housing loan rates will be repriced if you choose to apply for a term longer than 15 years. Aside from the SSS interest rate, you also have to pay for the processing fee which is equivalent to ½ of 1% of the 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 ensure that the guidelines are followed. 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 less than 36 months.
A Social Security System lending program (SSS) allows 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.

Don’t jump around and send in your application. Instead, set a time for an SSS Housing Loan inquiry. This way, you can decide clearly without bias. On top of this, you can review other kinds of SSS loan based on your financial needs. 

Do you just want to make minor renovations? Or do 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 that you can use at your heart’s expense. Find out more at