List of Requirements for SSS Housing Loan for Home Repair / Improvement
SSS HOUSING LOAN REQUIREMENTS 2023 – Here are the documents needed in applying for a loan to finance a house repair or home improvement.
Are you a member of the Social Security System? You may have yet to know that you can actually turn to the state-run social insurance institution in case you need a loan that can finance your house repair or home improvement.
Whether you are pushing through with a major house repair or minor home improvements such as an extension or expansion and enhancement of economic and aesthetic value of an existing housing unit, the construction of concrete fence and steel gate, the installation of deep well and motor pump, etc., you may be granted with the financial solution as long as you qualify for the loan offer.
The SSS Housing Loan offer is open for both employed and self-employed individuals. You can check the eligibility criteria below.
To qualify for the offer, here are the SSS Housing Loan requirements 2023 in terms of eligibility for the loan offer:
- a minimum of 36 monthly contributions with 24 continuous contributions prior to the 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 is updated in the payment of their other SSS loan(s)
The Social Security System has a list of acceptable collaterals under the SSS Housing Loan offer. With regards to the SSS Housing Loan loanable amount 2023, it varies depending on certain factors like the capacity of the borrower, the actual need, and the appraised value of the collateral.
With regards to the documents needed in applying for the loan, here are the SSS Housing Loan requirements 2023 that you must submit to SSS to apply for the 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
