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Tuesday, October 20, 2015

SSS Offers as Much As Php2 Million Direct Housing Loan for OFWs

Are you an OFW planning to buy or build a house for your family in the Philippines?

If you are an SSS member with at least 36 months contribution and active member for the past 24 months prior to your application you may qualify to apply for  Direct Housing Loan Facility for OFWs - a program by the SSS to help finance the construction or the purchase of your house or house and lot. They offer Php450,000 to Php 2 million loan. 

Who are the eligible borrowers for this housing loan?

An OFW who is applying for this type of loan must meets the following eligibility requirements:

Member is a certified Overseas Filipino Worker;
  1. Member is a voluntary OFW member of SSS;
  1. Member has at least 36 months contribution and 24 continuous contributions in the period prior to application
  1. Member is not more than 60 years old at the time of application and must be insurable. Members age 60 years at time of application will have a maximum loan term of 5 years
  1. Member was not previously granted an SSS housing loan
  1. Member has not been granted final SSS benefits
  1. Borrower and spouse is updated in the payment of their other SSS loan(s), if any
The spouses of an existing borrower may still qualify for an SSS housing loan if the loan of the existing borrower was obtained prior to the date of marriage and the loan is not delinquent.
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How to apply?

If you are qualified and would like to apply for this type of loan, the following documents listed below should be submitted at the nearest SSS cluster branch or at the 
Housing and Business Loans Department
5/F, SSS Bldg.
East Avenue, Diliman, Quezon City
  1. Original copy of the following:
    1. Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse
    2. Certificate of Loan Eligibility (CLE) – (P100 Service Fee)
    3. Certification from POEA/DOLE/OWWA/ SSS Foreign Representative Office or Philippine Embassy/Consular Office
    4. Deed of Sale or Contract to Sell with a statement of latest balance for purchase of lot or house and lot
    5. Appraisal Report from Home Guaranty Corporation accredited appraisal companies
    6. Certificate of Acceptance and Occupancy duly signed by the borrower if the house is 100% complete at the time of loan filing
    7. Duly notarized Special Power of Attorney (if the filing is through a representative)
  2. Original and Photocopy of the following: 
    1. Latest Contract of Employment and latest Employer's Certification duly authenticated by Phil. Consulate
    2. Owner's copy of the TCT/OCT/CCT
    3. A certified true copy of TCT/OCT/CCT issued by the Register of Deeds
    4. Latest Property Tax Declaration and Realty Tax Receipt
  1. Other documents:
    1. Lot plan with vicinity map duly signed and sealed by Registered Surveyor or Geodetic Engineer (Blue Print)
    2. Building plans/specifications/picture of the house (Blue Print)
    3. A set of twelve (12) postdated checks covering twelve (12) monthly installments and shall be repeated every twelve (12) months thereafter until the loan is fully paid
    4. Tax Mapping/Subdivision Plan
    5. Affidavit of Undertaking to continue paying monthly SSS premium contributions for the duration of housing loan

  2. Interest Rate 
    1. Up to P450,000.00 - 8% p.a.
    2. Over P450,000.00 up to P1,000,000.00 - 9% p.a.
    3. Over P1,000,000.00 up to P1,500,000.00 - 10% p.a.
    4. Over P1,500,000.00 up to P2,000,000.00 - 11% p.a.
For more information about this loan, you may also visit the SSS website here

This article is filed under: SSS Email, SSS Main Office, SSS Check Status, SSS Program, SSS Membership