SSS Housing Loan Interest Rate Implemented for Members – Here’s a guide…

Guide on SSS Housing Loan Interest Rate Members Must Be Aware of

SSS HOUSING LOAN INTEREST – You can check the guide below for the interest rate implemented by the Social Security System.

Some government agencies in the Philippines have housing loan offers. One of these is the Social Security System, more popularly called SSS. It is a social insurance institution for other Filipinos who are not working in the government or the public sector.

Social Security System (sss)
Photo Credit: PIA

Meanwhile, while most of the SSS member population are composed of individuals who are working in the private sector, self-employed individuals, overseas Filipino workers (OFWs), and household employees, it is open for voluntary membership. You have to regularly post contributions to qualify for the benefits and loans offered by the state entity.

One of the loans offered by the Social Security System is the SSS Housing Loan offer, aside from the SSS Salary Loan and SSS Calamity Loan. It serves several purposes that are for home repair and improvement.

SSS Housing Loan Interest
Photo Credit: WhatALife!

Three (3) SSS members can combine their accounts to apply for the SSS Housing Loan offer. The offer covers any of the following application 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

Who are qualified to apply for the Housing Loan offer of the Social Security System? To be eligible for application, here is the eligibility criteria that the SSS member-borrower must meet:

  • 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

With regards to the loanable amounts under the loan offer, it may vary but the range of the maximum amount that you may borrow will not go beyond 90% of the value of your property. It will be under an annual SSS Housing Loan interest.

The SSS Housing Loan interest rate is 9% every year. It will be implemented until the loan is fully paid. To apply, here are the requirements that you must submit to a branch of the Social Security System (SSS) nearest to you:

  • two (2) copies of Application for Direct House Repair and/or Improvement Loan
  • 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
  • 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
  • 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 Latest Tax Declaration of Real Property (land and building) with the Official Receipt of Realty Tax Payment
  • 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
  • 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)
  • 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:
    • 1st – Front and one side
    • 2nd – Rear and other side
    • 3rd – Kitchen counter
    • 4th – Toilet and Bath Pictures
  • 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

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