SSS Housing Loan Loanable Amounts & Interest Rate based on Term

Guide on SSS Housing Loan Loanable Amounts & Interest Rates

You can check the details below for the SSS Housing Loan loanable amounts and the interest rate based on the loan term.

Are you planning to do some house repairs or home improvements? If you are a member of the Social Security System, you may actually turn to the SSS Housing Loan for the financing of your goal. You can just repay the amount in light monthly installments.

The SSS Housing Loan offer can finance both major and minor house repairs and home improvements. How much you may borrow under the offer of the state-run social insurance giant?

With regards to the SSS Housing Loan loanable amounts, the maximum amount allowed for borrowing is up to Php 1 million. The state-run social insurance institution considers the following factors:

  • appraised value of collateral of at least 70% but not to exceed 90%
  • actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS
  • borrower’s capacity to pay

With regards to the interest rate under the SSS Housing Loan offer, it is at 9% per annum. It is payable from 5, 10, 15 up to 20 years. For overseas Filipino workers (OFWs), up to 15 years repayment is allowed.

SSS Housing Loan Requirements

According to the Social Security System, the SSS Housing Loan with payment terms that are not more than 15 years shall bear a fixed interest rate. For loans with payment terms beyond 15 years, the loan shall only bear a fixed interest rate only during the first 15 years of the term.

The SSS considers certain factors with regards to the loan term. The principal borrower shall not exceed beyond age 65 at the time of the loan maturity and the loan term shall not go beyond the economic life of the residential property after the repairs and/or improvements.

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