Guide on SSS Housing Loan Offer for Members
The Social Security System (SSS) members may apply for the Housing Loan for the purposes of house repair and home improvement.
In the Philippines, there are state entities that offer Housing Loans. One of them is the Social Security System which has millions of members. Its member populace is mostly composed of individuals who are employed in the private sector.
A lot of businesses and companies in the private sector mandate an SSS membership among their employees. The state-run social insurance entity also opens its membership among the self-employed individuals, overseas Filipino workers (OFWs), and those who want to apply for voluntary memberships like the non-working spouse of SSS members.
To maintain an active account to the Social Security System, a member must regularly post a monthly contribution. A member with an updated account may qualify to the loans and benefits of the state-run social insurance entity.
One of the loan offers of the Social Security System is the SSS Housing Loan. Unlike most loan offers of the same type, it is open for application solely for the purposes of financing either a house repair or a home improvement.
Qualified members of the Social Security System may apply for the Housing Loan offer for both minor and major repairs like the repair of dilapidated and structurally unsafe housing units. You may also apply for it for any of the following purposes:
- Completion of an occupied bare house.
- Extension or expansion and enhancement of economic and aesthetic value of an existing housing unit. Said improvements shall be permanently attached to the house.
- Installation of deep well and motor pump.
- Construction of concrete fence and steel gate.
However, it is important to remember that the SSS has set some rules with regards to the collateral. It accepts “Transfer Certificate of Title/Original Certificate of Title/Condominium Certificate Title (TCT/OCT/CCT) registered under the Torrens System issued by the Registry of Deeds in the name of the principal borrower and/or his spouse free from liens and encumbrances”.
Collaterals that fall to the following categories are not accepted:
- Land type other than residential
- Less than 15 sq. meters floor area, in case of condominium
- Less than 32 sq. meters lot area
- Road right of way is less than 1.5 meters
- Free/Homestead/Misc. Sales Patent Titles
There are some qualifications set by the Social security System in applying for the loan offer. It is best to check them to ensure your eligibility to the loan offer.