Guide on How To Apply for SSS Housing Loan Application
Here is a guide on how to apply for the SSS Housing loan offer for the members of the Social Security System.
In the Philippines, one of the giants in the field of social insurance is the Social Security System, more popularly called SSS. It has millions of members across the nation as well as some members overseas. There are overseas Filipino workers (OFWs) who maintain active membership to the institution despite being away from the country.
Most of the members of the SSS are locally-employed individuals who are working in the private sector. The self-employed members also take a huge part of the member populace. There ar also voluntary members apart from the OFWs.
To maintain an active membership to the state-run social insurance institution, an SSS member must regularly post monthly contributions. An updated account can qualify a member to the loans and benefits offered by the state institution.
One of the offers is the SSS Housing Loan. It is open to finance a house repair or a home improvement target. It is very easy to apply for the SSS Housing Loan offer. You just have to do the following steps:
Step 1 — Make sure you meet the eligibility criteria set under the SSS Housing Loan.
- a member of SSS who has at least 36 months contributions with 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
- has not been granted final SSS benefits
- updated in the payment of their other SSS loan(s), if any
Step 2 — Prepare your requirements. The documents needed depend on the residential property involved in the loan.
Step 3 — Go to a branch of the Social Security System or an accredited PFI of SSS to apply for the loan offer.
The SSS Housing Loan covers several major and minor house repair/improvement purposes. It offers high loanable amounts that can help you get things done fast without emptying your pockets.