SSS HOME LOAN 2024 – Here is a guide on the member application process under the Social Security System’s Home Loan offer.
In the Philippines, the Social Security System is one of the entities that offer a Housing Loan. The said SSS home loan offer has helped countless Filipinos maintain their residential properties although has unique features and coverage compared with most of the loan offers of the same kind.
SSS Housing Loan 2024 — How To Apply & the Requirements You Must Submit
Guide on SSS Housing Loan 2024 Application Process
SSS HOUSING LOAN 2024 – Detailed here is a guide on how to apply for the Social Security System loan offer and the requirements for application.
Are you interested about the Housing Loan offered by the Social Security System for its qualified members? It is one of the most excellent offers in the field as it can finance both minor and major house repairs and home improvements.
You may apply for the SSS Housing Loan offer to finance the installation of a new gate, the repair of a dilapidated units, the installation of a motor pump, etc. You may repay the amount borrowed for up to 20 years thus there is really an option if you want low monthly installments.
One of the best ways to increase your eligibility not just for the Housing Loan offer but as well as the other loans and benefits offered by the state-run social insurance agency is to regularly post SSS contribution. The rate depends on the source of income and the amount earned by the member in a month.
With regards to the loanable amount under the SSS Housing Loan offer, the state-run social insurance institution has set a limit. The loan is payable for up to 15 years for OFW member-borrowers and up yto 20 years for non-OFW member-borrowers.
All loans are subject to the SSS Housing Loan interest rate implemented by the state-run social insurance institution. Here is a guide on how to apply for the SSS Housing Loan 2024:
Step 1 — Check the qualifications under the Housing Loan offer. Here are the qualifications that the 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
Step 2 — Prepare the documentary requirements. There are documentary SSS for Housing Loan that you must submit to SSS in applying for the loan offer. The list includes both your personal documents as the borrower as well as the documents of the collateral or the residential property involved.
Step 3 — Submit the requirements to SSS. Go to the nearest branch of the Social Security System. Make sure you have submitted all the documents required by the SSS. Wait for an update from the state-run social insurance institution regarding the status of your loan application.