Guide on the SSS Housing Loan Amount 2023 for Aspiring Borrowers
SSS HOUSING LOAN AMOUNT 2023 – You can check the details below for the borrowing amounts allowed under the Pag-IBIG loan offer.
One of the state-run social insurance institutions in the Philippines with millions of Filipino members coming from different walks of life is the Social Security System. More popularly called SSS, its members mainly include locally-employed individuals in the private sector.
Apart from locally employed individuals in private companies and firms, a huge chunk of the SSS member populace is composed of self-employed individuals. There are also overseas Filipino workers (OFWs) who meet the qualifications set by the government agency as well as voluntary members.
The Social Security System has SSS benefits offered for qualified members. To be eligible to the offers, a member must have an updated account by regularly posting monthly contributions.
One of the loans offered by the Social Security System is the SSS Housing Loan offer. It is designed to help members finance major house repairs as well as minor home improvements. The latter may include the following:
- 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
The Social Security System has set a list of eligibility criteria in applying for the loan offer. To qualify, the member must:
- have 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 SSS Housing Loan Amount 2023, an SSS member may borrow up to P2 million. The state-run social insurance agency will assess the capacity of the member-borrower as well as the project to be made:
The interest of 9% per annum will apply to the SSS Housing Loan Amount 2023 until the loan is fully-paid. A member may repay the amount borrowed for up to 20 years. Here are the documents needed in applying for the loan offer:
- 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
To apply, prepare the documents and submit them to a branch of the Social Security System (SSS) nearest to you. Wait for an update from state agency regarding the status of your loan application.
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