SSS Housing Loan Qualifications 2024 for Member & Collateral

Guide on SSS Housing Loan Qualifications 2024 for Member Application

SSS HOUSING LOAN QUALIFICATIONS 2024 – Here is a guide on the eligibility criteria for the member-borrower and the collateral under the Social Security System loan offer.

Have you heard about the Housing Loan offer of the Social Security System? If you are an SSS member, you might qualify to the loan offer of the state-run social insurance giant which is for the purpose of house repair and home improvement.

SSS Housing Loan Qualifications 2024
Photo Credit: Inquirer

The Housing Loan offer of the Social Security System is one of the major loans that were crafted for the millions of members of the state-run social insurance agency. These are apart from the SSS benefits that members may also qualify for.

To qualify for the loans and benefits, it is important to continuously post SSS contribution to the state-run social insurance agency. It is open for both major and minor house repairs and home improvements.

Social Security System - SSS
Photo Credit: Remate Online

Here are some of the purposes that you may apply a financing for under the SSS Housing Loan offer:

  • minor home improvements including the following:
    • completion of an occupied bare house
    • installation of deep well and motor pump
    • extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
    • construction of concrete fence and steel gate
  • major repairs like the repair of dilapidated housing units and those that are structurally unsafe

The SSS Housing Loan qualifications include both the eligibility criteria for the member-borrower and the collateral. Here are the eligibility requirements that a member-borrower must meet to qualify for the loan offer:

  • 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

With regards to the SSS Housing Loan qualifications for the collateral, the state-run social insurance institution only accepts Transfer Certificate of Title/Original Certificate of Title/Condominium Certificate Title (TCT/OCT/CCT) registered under the Torrens System. The document must be in the name of the principal borrower and/or his spouse free from liens and encumbrances and must have been issued by the Registry of Deeds.

The following collateral features are not qualified under the SSS loan offer:

  • 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

To apply for the offer, prepare the SSS Housing Loan requirements 2024 for submission to the Social Security System. The documentary requirements depend on the residential property involved.

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