Guide on SSS Loans 2024 Features & Requirements
SSS LOANS 2024 – You can check here the loan offers of the Social Security System for its qualified members.
One of the giants in terms of social insurance institutions in the Philippines is the Social Security System or more popularly called SSS. It has millions of members with most of the member populace being composed of locally-employed individuals in the private sector.
The Social Security System has also opened its loan offers for self-employed individuals, overseas Filipino workers, and other voluntary members like the non-working spouses of the SSS members. A member must submit an SSS contribution every month to maintain an active and updated account.
SSS members who have updated accounts may qualify to the loans and benefits offered by the state-run social insurance agency. These are ready options in times of sickness, calamity, unemployment, disability, etc.
The Social Security System has three (3) main loan offers — the Salary Loan, the Housing Loan, and the Calamity Loan. Here are the SSS loans that remain up for the qualified members this 2024:
SSS Salary Loan
The multi-purpose loan offer of the Social Security System is the Salary Loan. It was crafted to help address the short-term financial needs of members. The SSS Salary Loan loanable amounts vary but here are the eligibility criteria under the offer:
- has posted at least 36 monthly contributions in the SSS account
- updated in the payment of the SSS contributions
- 65 years old and below at the time of the loan application
- currently employed, self-employed, or voluntary member of the Social Security System
- has not received any final benefit from the SSS
- has not been disqualified due to fraud committed against the SSS
SSS Housing Loan
If you are an SSS member who is looking for a financing of a house repair or home improvement, you may turn to the Housing Loan offer of the state-run social insurance agency and there is a high borrowing amount under the SSS Housing Loan. Here are the qualifications 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
SSS Calamity Loan
In times of natural disaster, members of the Social Security System may turn to the Calamity Loan offer which was crafted to help members who are living or residing in areas declared under a State of Calamity. The borrowing amount under the SSS Calamity Loan depends if the member has an outstanding loan.
- a minimum of 24 monthly contributions posted and three (3) of which must have been posted within the last 12-month period before the month of filing of loan application
- at least 60 years old upon the filing of the loan application
- not a recipient of any final SSS benefit nor was refunded SSS contributions
- has updated payments in case of existing loans with the SSS