Guide on the Qualifications for SSS Housing Offer Application
Here are the qualifications in applying for the SSS Housing Loan offer for the purpose of house repair and improvement.
In the Philippines, one of the entities that you may turn to for a loan if you are in the pursuit of funding a house repair or home improvement is the Social Security System. More popularly called SSS, it has millions of members in the country thus there are also a lot of individuals who are eligible for the said loan offer.
Most loans of other entities finance the acquisition of residential properties and house construction. This what sets the SSS Housing Loan offer apart from them — it can help you get that major or minor house repair or home improvement done.
With regards to the qualifications for the SSS Housing Loan, the state-run social insurance institution has set a few eligibility requirements. Here is the criteria that the member must meet to qualify:
- 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
The loan application can be applied for at any of the branches of the Social Security System or any of the SSS-accredited PFIs such as the following:
- Philippine Veterans Bank
- Land Bank of the Philippines
- Planters Development Bank
- Valiant Rural Bank – Iloilo
Under the loan offer, the amount borrowed is payable in 5, 10, 15, or 20 years except in the case of overseas Filipino worker (OFW) members. OFWs are allowed to repay the loan for a maximum of 15 years.