List of SSS Housing Loan Qualifications for Application
SSS HOUSING LOAN QUALIFICATIONS – Here is a guide on who are qualified to apply for the Social Security System Housing Loan offer.
Millions of Filipinos are members of the Social Security System. While the monthly contribution to the state-run social insurance agency will take a slice from the monthly salary, there is a huge benefit in maintaining an updated account to state-run entity.
If you are a member with an updated account, you may qualify to the benefits and loans offered by the Social Security System. One of the loan offers is the SSS Housing Loan which was designed to finance a house repair or home improvement project of a qualified member.
Who are qualified to apply for the loan offer? Here are the SSS Housing Loan qualifications that a member must meet to be eligible to apply for the loan offer:
- has posted at least 36 months contributions and 24 continuous contributions in the period prior to application
- not more than 60 years old at the time of the filing of the loan application
- was not previously granted a repair and/or improvement loan by the SSS or NHMFC
- not a recipient of any final benefit of the Social Security System
- update with the payment if there is an existing loan account
Furthermore, according to the Social Security System, if the borrower is married and the spouse has an existing loan, the payment must also be updated to qualify for the loan offer.
The Housing Loan offer of the state-run social insurance entity is available directly from the Social Security System or thru its accredited participating financial institutions (PFIs). Here are some of its accredited-PFIs:
- Philippine Veterans Bank
- Land Bank of the Philippines
- Planters Development Bank
- Valiant Rural Bank — Iloilo
The Social Security System has also generously posted details about the loanable amounts under its Housing Loan offer as well as the interest rates. It is best to know all the details under the offer before applying for it.