Guide on SSS Housing Loan Fees 2024 Members Must Be Aware Of
SSS HOUSING LOAN FEES 2024 – You can check the details below on the fees that you must be aware of regarding the Housing Loan offer.
In the Philippines, one of the state entities that have housing loan offers is the Social Security System. The Housing Loan offer of the state-run social insurance giant was designed to finance the house repair and home improvement projects of eligible members.
Millions of Filipinos are members of the Social Security System. These include individuals not only residing in the Philippines but as well as some people working abroad. Thus, millions of people also have access to the loan offer.
The SSS Housing Loan offer may finance both minor and major house repair and home improvement projects. It can be an excellent option if you want installment payment for the expenses of your house repair or home improvement project.
Under the Housing Loan offer, you may apply for the loan for the purpose of financing a completion of an occupied bare house, an extension or expansion and enhancement of economic and aesthetic value of an existing housing unit, the installation of deep well and motor pump, etc.
The loan offer is also ready to finance the repair of dilapidated housing units and those that are structurally unsafe. The loanable amount under the SSS Housing Loan offer may vary. The loan is payable in multiples of five (5) years up to 20 years except in the case of OFWs who are allowed a maximum loan term of 15 years.
Who are qualified to apply for the loan offer? Here are the qualifications set by the state-run social insurance institution under the 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
Before you decide on the amount to borrow, it best to know the SSS Housing Loan fees. This can help in making a decision based on how much you may get in case some fees will have to be deducted from the loan proceeds.
With regards to the SSS Housing Loan fees, here are the fees that the member-borrowers must be aware of:
- processing fee equivalent to ½ of 1% of loan amount or P500.00 whichever is higher but not to exceed P3,000.00 to be deducted from the first loan release
- inspection fee of P500 will be charged for both within and outside Metro Manila
There is an easy process for the application for loan but it may take some time. It is best to prepare and submit the SSS Housing Loan requirements 2024 to begin.
