Steps on SSS Housing Loan 2023 Application & Requirements
SSS HOUSING LOAN 2023 – You can check the process below on how to apply for the Social Security System Housing Loan.
Are you looking for a housing loan offer? If you are a member of the Social Security System, you may apply for the housing loan offer of the state-run social insurance institution. It is one of the several loans offered by the state institution.
Under the SSS Housing Loan offer, you may apply for a loan to finance major and minor repairs and improvements. Here are the specific purposes cited by the state-run social insurance institution.
- major repairs like the repairs for dilapidated and structurally unsafe housing units
- minor home improvements including 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
There are acceptable collaterals under the SSS Housing Loan offer. Please be aware that the SSS does not accept the following:
- 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
On the loanable amount for the SSS Housing Loan offer, it is a case-to-case basis depending on certain factors including the need for the project’s completion and the capacity of the borrower to repay the amount borrowed.
The loan is payable between five (5) to twenty (20) years. It is under the interest set for the SSS Housing Loan until the loan is fully-paid.
There are only a few steps in applying for the offer. Here’s a guide on the SSS Housing Loan 2023 application process:
Step #1 — Check the eligibility criteria set for the SSS Housing Loan offer. To qualify for the offer, the member-borrower must meet the following qualifications:
- 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
Step #2 — Gather the documents required for the application. Make sure to have the original copies of all of the requirements for SSS Housing Loan 2023 offer as the government agency may require for the presentation of the original documents.
Step #3 — Submit the requirements to the branch of the Social Security System (SSS) nearest to the property. The loan application evaluation may take a few weeks to a month. Wait for an update from the state-run social insurance institution.