SSS Housing Loan 2023 Acceptable Collaterals — A Guide for Members

List of SSS Housing Loan 2023 Acceptable Collaterals as Well as the Not Acceptable

SSS HOUSING LOAN 2023 – Here is a guide on the acceptable collaterals in applying for the loan offer of the Social Security System.

Have you heard about the Housing Loan offer of the Social Security System? The said loan offer is open for application for the purpose of financing a house repair or home improvement project of an eligible member.

Under the loan offer, a member-borrower may qualify to apply for the financing of the following minor home improvements apart from the major home repairs that it can also serve:

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

Social Security System (SSS) — Photo Credit: Inquirer

To qualify for the SSS Housing Loan 2023 offer, the state-run social insurance agency has set standards for the application process. The member-borrower must meet the following criteria:

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

The Social Security System has set standards in terms of the acceptable and not-acceptable loan collaterals under the SSS Housing Loan 2023 offer. Here are the acceptable collaterals under the offer:

Transfer Certificate of Title/Original Certificate of Title/Condominium Certificate Title (TCT/OCT/CCT) registered under the Torrens System
- must be issued by the Registry of Deeds
- in the name of the principal borrower and/or his spouse free from liens and encumbrances.

Here are the loan collaterals that are not acceptable under the SSS loan offer:

land type other than residential
less than 15 sq. meters floor area for condominium units
less than 32 sq. meters lot area
road right of way is less than 1.5 meters
free/Homestead/Misc. Sales Patent Titles

With regards to the amount that you may borrow under the SSS Housing Loan 2023, it depends on the project but all approved amounts are under the authority of the government institution. Meanwhile, it has provided the maximum loanable amounts.

The borrowed amount is payable from five (5) years up to twenty (20) years. To apply for the loan offer, the member-borrower must submit the following documents:

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