Guide on SSS Loan for Members Features & Requirements
SSS LOAN MEMBERS 2024 – Here are the loans that members of the Social Security System may apply for and the requirementrs.
Countless Filipinos from the different regions in the Philippines are members of the Social Security System. More popularly called SSS, it is a social insurance giant in the country that has several offers for its members.
There are several SSS benefits and loans that members may apply for. Thus, there is really a huge advantage in maintaining an updated account to the state-run social insurance giant.
To maintain an update account, the member must regularly post SSS contribution. It is an excellent move to prepare for both the future and the unforeseen circumstances. With the benefits and loans that the state-run social insurance agency offers, there is always a turn to and you can check on each SSS loan members may apply for.
The Social Security System has three (3) main loans — the Salary Loan, the Housing Loan, and the Calamity Loan. Here are the purposes they serve and the eligibility requirements for qualification to apply for each offer:
SSS Salary Loan
The state-run social insurance giant offers the Salary Loan which is the multi-purpose loan offer. It was designed to help address the short-term financial needs of its members and the SSS Salary Loan loanable amounts depend on the total contributions posted by the member in his/her account.
Here are the eligibility criteria in applying for this type of loan 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
The Social Security System also offers a Housing Loan. The borrowing amount under the SSS Housing Loan offer was intended to help the member finance house repairs and home improvement projects. Here are the eligibility criteria in applying for the loan:
- 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
One of the main benefits of maintaining in active account to the SSS is that you have a turn to in times of natural calamities. The state-run social insurance agency aims to helps its members through the borrowing amount under the SSS Calamity Loan offer. Here are eligibility requirements in applying for the offer:
- 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