Guide on SSS Housing Loan Interest 2024 for Member Loans
SSS HOUSING LOAN INTEREST 2024 – You can check the details here about the interest rates implemented by the Social Security System.
In the Philippines, if you are a member of the Social Security System, it is one of the entities that you may turn to if you are looking for a Housing Loan. It has helped countless Filipinos in the repair of their residential properties as well as making home improvements.
Who are qualified to apply for the Housing Loan offer of the SSS? It is open for all members of the state-run social insurance agency who meet the following eligibility criteria for application:
- at least 36 months contributions with 24 continuous contributions in the period prior to application posted
- at least 60 years old at the time of application
- not a recipient of a repair and/or improvement loan by the SSS or NHMFC
- not a recipient of any final SSS benefits
- updated in the payment of their other SSS loan(s), if any
The SSS Housing Loan is ready to finance both minor and major house repairs and home improvement projects. Although the SSS Housing Loan amount may vary, the state-run social insurance agency has set a huge maximum limit of how much it can lend members for house repair or home improvements.
The loan is payable from five (5) years to a maximum term of 20 years for member-borrowers who are based in the country. Overseas Filipino Workers (OFWs) who are SSS members may also apply for the loan offer and avail the maximum loan term set for OFWs which is 15 years.
On the SSS Housing Loan interest rate, the Social Security System implements an interest rate of 9% annually. The state-run social insurance institution considers the following for the maximum loan term of SSS members who are not OFWs:
- The principal borrower’s age shall not exceed 65 years old at the time of loan maturity; and
- The loan term shall not exceed the economic life of the house after repairs and/or improvements are introduced as determined by the SSS appraiser.
The SSS Housing Loan interest rate applies until the loan is fully-paid. “Loans with a payment term of not more than 15 years shall bear a fixed interest rate” as per the state-run social insurance agency.
To apply for the offer, make sure you prepare and submit a complete set of the SSS Housing Loan requirements 2024. Please be aware that the state-run social insurance institution has also set clear details about the SSS Housing Loan qualifications in terms of the collateral.