Details about the SSS Housing Loan Interest 2023 for Member-Borrowers
SSS HOUSING LOAN INTEREST 2023 – Here are some details that the SSS members must be aware of before borrowing money under the offer.
When it comes to housing loans, one of the government entities that a lot of people may turn to is the Social Security System. More popularly called SSS, it is a state-run social insurance institution giant in the country with millions of Filipino members.
The SSS member population mostly includes individuals who are locally-employed to the private sector. There are also self-employed individuals as well as overseas Filipino workers (OFWs) who are members of the government agency.
Members who have active and updated accounts may qualify to the loans offered by the SSS. One of these is the Housing Loan which can finance two (2) purposes – house repair and home improvement.
The following purposes are covered under the Housing Loan offer:
- 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
With regards to the loanable amount under the SSS Housing Loan offer, it is dependent on several factors including the actual need for the project but it is important to note that there are policies in terms of the collateral. The SSS does not accept the following as collaterals:
- 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
The minimum loan term under the offer is five (5) years. You can repay it for up to 20 years at a 9% annual SSS Housing Loan interest 2023.
The SSS Housing Loan interest 2023 is implemented on an annual basis until the loan is fully-paid. To qualify for the loan offer, the member-borrower must comply with the eligibility criteria set by the government agency. Here are the qualifications under the offer:
- 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
To apply for the offer, there are requirements for SSS Housing Loan 2023 offer for the purposes of house repair or home improvements. Wait for the result from the SSS.