Guide on SSS Housing Loan — How to Apply & the Requirements in Applying
SSS HOUSING LOAN – Here is a thorough guide on the details of the Social Security System loan offer, the application process, and requirements.
The Social Security System (SSS) is one of the government agencies that offers a Housing Loan exclusive for its members. The social insurance giant’s offer’s sole main purpose is for home repaire and improvement.
Under the SSS Housing Loan offer, you may apply for the offer to finance of the any of the following purposes:
- major repairs, particularly for dilapidated and structurally unsafe housing units
- improvements:
- completion of an occupied bare house
- extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
- installation of deep well and motor pump
- construction of concrete fence and steel gate
With regards to how much you may borrow under the SSS Housing Loan, the state-run social insurance agency has a maximum loanable amount but the borrowing amounts may vary depending on the value of the residential property.
Who are qualified to apply for the SSS Housing Loan offer? The member-borrow must meet the following eligibility criteria:
- a member of SSS who has at least 36 months contributions and 24 continuous contributions in the period prior to application
- not more than 60 years old at the time of application
- not previously granted a repair and/or improvement loan by the SSS or NHMFC
- not been granted final SSS benefits
- borrower and spouse are updated in the payment of their other SSS loan(s), if any
The interest rate under this loan offer is 9% per annum. The borrower may repay the amount borrowed for at least five (5) years up to twenty (20) years. The SSS stated that loans with payment terms of not more than 15 years will bear a fixed interest rate.
To apply for the loan offer, there are documents that you must prepare and submit to the government agency. Here are the documentary requirements:
- two (2) copies of Application for Direct House Repair and/or Improvement Loan
- SS ID Cards of the principal applicant and his/her spouse, if applicable. If you have no SS ID Card, you can present any two (2) valid IDs with your signature and at least one (1) of them bearing your photo
- original and one (1) photocopy of Latest Tax Declaration of Real Property (land and building) with the Official Receipt of Realty Tax Payment
- Certified true copy of the Original/Transfer/Condominium Certificate of Title (OCT/TCT/CCT) issued by the Registry of Deeds together with owner’s duplicate copy
- copy of Consolidation-subdivision plan approved by the Land Registration Authority or Bureau of Lands/DENR-NCR (15” x 20” size; primary document)
- Lot/Location Plan prepared, signed & sealed by a licensed geodetic engineer. The plan should be prepared in a standard Bureau of Lands form (blueprint or whiteprint copy in 15” x 20” size) with the following:
- Lengths and bearings of the tie line and sides of the lot;
- Sketch of the lot with description of its boundaries; and
- two (2) copies of Vicinity map w/ landmarks, street pattern, street names and lot distance as reckoned/based from the lot to the nearest street intersection
- original and one (1) photocopy of Scope of Works showing list/itemized works to be done according to priority, prepared and signed by the owner, civil engineer or architect
- Complete set of building plan (20” x 30” size; blue/whiteprint copy) as approved by the Building Official with signature of the owner/applicant and signed & sealed by the respective licensed engineers (Architectural Plans by the Architect/Civil Engineer, Structural Plans by Civil/Structural Engineer, Sanitary Plans by Civil/Sanitary Engineer and Electrical Plans by Electrical Engineer).
- two (2) copies of existing/completed houses, as-built building plans duly signed & sealed by a respective engineer or architect with conformity of the owner/applicant
- original and photocopy of Building or Renovation Permit issued/approved by the Building Official with Locational Clearance, Electrical Permit, Sanitary/Plumbing Permit and corresponding official receipts of payments
- original and photocopy of pecifications and Bill of Materials & Labor must be signed & sealed by a licensed civil engineer or architect with owner’s conformity, for loans over P100,000. While for loans P100,000 and below the signature and seal by a licensed civil engineer or architect are no longer required
- photos of existing collateral; the existing house and lot
- 1st – Front and one side
- 2nd – Rear and other side
- 3rd – Kitchen counter
- 4th – Toilet and Bath Pictures
Submit your documents to a branch of the Social Security System (SSS) nearest to you. The state-run social insurance agency will evaluate your loan application and inform you of the result afterwards.
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