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Wednesday, May 11, 2016

SSS Offers Loan Restructuring/ Condonation For Delinquent Borrowers






Good news,  SSS is currently offering loan restructuring for borrowers who are delinquent and who lives or are working in the calamity areas declared by National Disaster Risk Reduction and Management Council (NDRRMC) or the government. 

Examples of those who could avail the loan restructuring are these:

Calamity loan borrowers in 1990 because of the earthquake and eruption of Mt. Pinatubo; members who were not able to pay their short-term loans living in calamity declared areas during typhoon Ondoy in 2009; Sendong in 2011; Pedring, Quiel and Pablo in 2012; Labuyo, Maring, Santi, Yolanda and Agaton in 2013; Glenda, Mario, Ruby and Seniang in 2014; Lando and Nona noong 2015. It also includes the crisis in Zamboanga and the earthquake in Bohon-Cebu in 2013. You may also contact your SSS branch to know if you are within the declared calamity area. 





SSS foreign offices:




AL KHOBAR, KSA
Al Ajaji Bldg., 1st St. cross King Abdullah St.
Al Shamalia District, P.O. Box 2539, Al Khobar 31952, Kingdom of Saudi Arabia
Tel. No.: (966 13) 898-6500
Fax No.: (966 13) 864-5033
Mobile No.: (966 53) 124-2183
E-mail: alkhobar@sss.gov.ph

JEDDAH, KSA
Philippine Consulate General
P.O. Box 4794, Jeddah 21412, Kingdom of Saudi Arabia
Tel. Nos.: (9662) 667-0925 / 669-6303
Fax No. : (9662) 669-6797
E-mail: jeddah@sss.gov.ph

RIYADH, KSA
Embassy of the Philippines
Site D4, Collector Road C, Diplomatic Quarters, Riyadh 11693, KSA, P.O. Box 94366
Tel. No.: (+9665) 547-82440
E-mail: riyadh@sss.gov.ph



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



The restructuring program started April 28,2016 and will run until April 27,2017.

The following could avail the loan restructuring:
•All member-borrowers who have past due Calamity Loans or Salary Loan Early Renewal Program (SLERP);

•Member-borrowers with past due short-term loans living or working in calamity/disaster stricken areas as declared by the National Disaster Risk Reduction and Management Council (NDRRMC) or in the case of Ondoy, by the National Government. Covered short-term loan programs are as follows:

1. Salary Loan
2. Emergency Loan
3. Educational Loan (old)
4. Study Now Pay Later Plan
5. Voc Tech Loans
6. Y2K Loans
7. Investments Incentive Loan


•Not included in the covered short term loans are SILP, PFLP and Educ. Assist (EALP)

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INTEREST RATE AND PENALTY



1. For installment term, RL1 shall be subject to interest rate of 3% per annum computed on a diminishing principal balance over the applicable payment term.



2. A penalty of 0.5% shall be charged against the amortization due for every month unpaid during RL1 term.


PAYMENT TERM


1. Full payment – payable within 30 days from the approval date of restructuring application

2. Installment payment – payable in equal monthly amortization based on payment range as follows:

RL1 Range Applicable Term
P 2,000.00 to P 18,000.00 12 months
P 18,000.01 to P 36,000.00 24 months
P 36,000.01 to P 54,000.00 36 months
P 54,000.01 to P 72,000.00 48 months
More than P 72,000.00 60 months

Penalties shall be condoned after full payment of outstanding principal and interest of RL1 within the approved term. The balance of RL1 should be zero at the end of the term. Otherwise, the unpaid principal of RL1 and the proportionate balance of condonable penalty shall become part of a new principal under Restructured Loan 2 (RL2).

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Application for Loan Restructuring is also available online, however some documents may still be needed to be submitted to the SSS branch. 
For more information SSS borrowers may contact the nearest SSS branch or call Inter-active Voice Response System (IVRS) at 917-7777 o, Telephone Brigade at 920-6446 to 55 at 1-800-10-2255777 toll free from Monday to Friday. ©2016 THOUGHTSKOTO