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Thursday, February 15, 2018

What Is Assumption Of Mortgage And How To Avail From SSS


Social Security System (SSS) has a lending program  called Assumption of Mortgage which  allows a member with good standing to assume the updated principal balance of an existing SSS housing loan.  Qualified Borrowers —The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application —Is not more than 60 years old at the time of application. —He was not previously granted an SSS housing loan —He has not been granted final SSS benefits —Borrower and spouse is current in the payment of their other SSS loan(s), if any. Sponsored Links  How to Apply The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City.  The following documents should be submitted upon filing of application:  —Original copy of Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse;  —Original and photocopy of latest Income Tax Return together with Form W-2 and Confirmation Receipt. (Not applicable for overseas worker);  —SS Form E-1 (and E-4, if any). If self-employed, SS Form RS-1; Employer Membership Certificate and Business License;  —Certification of Employment, Compensation and SSS Premium Contributions duly signed by the employer's SSS authorized signatory. If overseas Filipino worker (OFW), Certification and Contract of Employment (duly authenticated by the Philippine Consulate);  —Deed of Sale with Assumption of Mortgage and latest Statement of Account from Investment Accounting Department (IAD), 9th floor;  —If existing housing loan with the SSS is a Joint Applicant, written conformity of the other Joint Applicant; and  —Affidavit of undertaking to continue paying monthly SSS Premium Contributions for the duration of loan for Voluntary and Self-employed members only.  Note: — Present original and submit one (1) photocopy of required documents for authentication purposes   — Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS   — SSS reserves the right to require additional documents if deemed necessary — Application Fee – ½ of 1% of loan amount or P500.00, whichever is higher but not to exceed P3,000.00, to be paid prior to journalization of the account.   Loanable Amount The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed.  Appraised value of collateral of at least 70% but not to exceed 90%;  Borrower's capacity to pay; and Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.   Interest Rate  Up to P450,000.00 - 8% p.a. Over P450,000.00 up to P1,000,000.00 - 9% p.a. Over P1,000,000.00 up to P1,500,000.00 - 10% p.a. Over P1,500,000.00 up to P2,000,000.00 - 11% p.a.    Term of the Loan The amortization period shall be in multiples of five (5), but shall in no case exceed: The remaining term of the old mortgage; The economic life of the house; and The difference between the age of the applicant and 65.  Allowable Collateral/s The collateral shall be the house and lot which is the subject of the mortgage to be assumed.  Insurance The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance.  The insurance premiums shall be shouldered by the borrower.    Loan Release The amount assumed is transferred to the mortgagor. A new account number will be assigned to be used in paying the monthly amortization of the loan.   Manner of Payments The regular monthly amortization payment shall start within the first ten (10) days of the succeeding month after the account has been journalized. Prior to journalization, the applicant shall continue paying the monthly amortization for the account of the original mortgagor.  Default in Payment of Amortization Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property.  For more information contact the SSS Housing and Business Loans Department in Quezon City with telephone number 920-64-01 local 5121 to 5127 or at member_relations@sss.gov.ph or to the SSS office nearest you.  Advertisements  Read More:   Things You Need to Know About Senior Citizen's Benefits   Body Of Household Worker Found Inside A Freezer In Kuwait; Confirmed Filipina  Senate Approves Bill For Free OFW Handbook    Overseas Filipinos In Qatar Losing Jobs Amid Diplomatic Crisis—DOLE How To Get Philippine International Driving Permit (PIDP)    DFA To Temporarily Suspend One-Day Processing For Authentication Of Documents (Red Ribbon)    SSS Monthly Pension Calculator Based On Monthly Donation    What You Need to Know For A Successful Housing Loan Application    What is Certificate of Good Conduct Which is Required By Employers In the UAE and HOW To Get It?    OWWA Programs And Benefits, Other Concerns Explained By DA Arnel Ignacio And Admin Hans Cacdac     SUBSCRIBE TO OUR YOUTUBE CHANNEL   ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
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Social Security System (SSS) has a lending program  called Assumption of Mortgage which  allows a member with good standing to assume the updated principal balance of an existing SSS housing loan.
Social Security System (SSS) has a lending program  called Assumption of Mortgage which  allows a member with good standing to assume the updated principal balance of an existing SSS housing loan.  Qualified Borrowers —The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application —Is not more than 60 years old at the time of application. —He was not previously granted an SSS housing loan —He has not been granted final SSS benefits —Borrower and spouse is current in the payment of their other SSS loan(s), if any. Sponsored Links  How to Apply The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City.  The following documents should be submitted upon filing of application:  —Original copy of Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse;  —Original and photocopy of latest Income Tax Return together with Form W-2 and Confirmation Receipt. (Not applicable for overseas worker);  —SS Form E-1 (and E-4, if any). If self-employed, SS Form RS-1; Employer Membership Certificate and Business License;  —Certification of Employment, Compensation and SSS Premium Contributions duly signed by the employer's SSS authorized signatory. If overseas Filipino worker (OFW), Certification and Contract of Employment (duly authenticated by the Philippine Consulate);  —Deed of Sale with Assumption of Mortgage and latest Statement of Account from Investment Accounting Department (IAD), 9th floor;  —If existing housing loan with the SSS is a Joint Applicant, written conformity of the other Joint Applicant; and  —Affidavit of undertaking to continue paying monthly SSS Premium Contributions for the duration of loan for Voluntary and Self-employed members only.  Note: — Present original and submit one (1) photocopy of required documents for authentication purposes   — Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS   — SSS reserves the right to require additional documents if deemed necessary — Application Fee – ½ of 1% of loan amount or P500.00, whichever is higher but not to exceed P3,000.00, to be paid prior to journalization of the account.   Loanable Amount The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed.  Appraised value of collateral of at least 70% but not to exceed 90%;  Borrower's capacity to pay; and Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.   Interest Rate  Up to P450,000.00 - 8% p.a. Over P450,000.00 up to P1,000,000.00 - 9% p.a. Over P1,000,000.00 up to P1,500,000.00 - 10% p.a. Over P1,500,000.00 up to P2,000,000.00 - 11% p.a.    Term of the Loan The amortization period shall be in multiples of five (5), but shall in no case exceed: The remaining term of the old mortgage; The economic life of the house; and The difference between the age of the applicant and 65.  Allowable Collateral/s The collateral shall be the house and lot which is the subject of the mortgage to be assumed.  Insurance The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance.  The insurance premiums shall be shouldered by the borrower.    Loan Release The amount assumed is transferred to the mortgagor. A new account number will be assigned to be used in paying the monthly amortization of the loan.   Manner of Payments The regular monthly amortization payment shall start within the first ten (10) days of the succeeding month after the account has been journalized. Prior to journalization, the applicant shall continue paying the monthly amortization for the account of the original mortgagor.  Default in Payment of Amortization Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property.  For more information contact the SSS Housing and Business Loans Department in Quezon City with telephone number 920-64-01 local 5121 to 5127 or at member_relations@sss.gov.ph or to the SSS office nearest you.  Advertisements  Read More:   Things You Need to Know About Senior Citizen's Benefits   Body Of Household Worker Found Inside A Freezer In Kuwait; Confirmed Filipina  Senate Approves Bill For Free OFW Handbook    Overseas Filipinos In Qatar Losing Jobs Amid Diplomatic Crisis—DOLE How To Get Philippine International Driving Permit (PIDP)    DFA To Temporarily Suspend One-Day Processing For Authentication Of Documents (Red Ribbon)    SSS Monthly Pension Calculator Based On Monthly Donation    What You Need to Know For A Successful Housing Loan Application    What is Certificate of Good Conduct Which is Required By Employers In the UAE and HOW To Get It?    OWWA Programs And Benefits, Other Concerns Explained By DA Arnel Ignacio And Admin Hans Cacdac     SUBSCRIBE TO OUR YOUTUBE CHANNEL   ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
Qualified Borrowers
—The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application
—Is not more than 60 years old at the time of application.
—He was not previously granted an SSS housing loan
—He has not been granted final SSS benefits
—Borrower and spouse is current in the payment of their other SSS loan(s) if any.
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How to Apply
The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City.

The following documents should be submitted upon filing of application:
—Original copy of Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse;

—Original and photocopy of latest Income Tax Return together with Form W-2 and Confirmation Receipt. (Not applicable for overseas worker);

—SS Form E-1 (and E-4, if any). If self-employed, SS Form RS-1; Employer Membership Certificate and Business License;

—Certification of Employment, Compensation and SSS Premium Contributions duly signed by the employer's SSS authorized signatory. If overseas Filipino worker (OFW), Certification and Contract of Employment (duly authenticated by the Philippine Consulate);

—Deed of Sale with Assumption of Mortgage and latest Statement of Account from Investment Accounting Department (IAD), 9th floor;

—If existing housing loan with the SSS is a Joint Applicant, written conformity of the other Joint Applicant; and

—Affidavit of undertaking to continue paying monthly SSS Premium Contributions for the duration of loan for Voluntary and Self-employed members only.

Note:
— Present original and submit one (1) photocopy of required documents for authentication purposes

— Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS
— SSS reserves the right to require additional documents if deemed necessary
— Application Fee – ½ of 1% of loan amount or P500.00, whichever is higher but not to exceed P3,000.00, to be paid prior to journalization of the account.

Social Security System (SSS) has a lending program  called Assumption of Mortgage which  allows a member with good standing to assume the updated principal balance of an existing SSS housing loan.  Qualified Borrowers —The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application —Is not more than 60 years old at the time of application. —He was not previously granted an SSS housing loan —He has not been granted final SSS benefits —Borrower and spouse is current in the payment of their other SSS loan(s), if any. Sponsored Links  How to Apply The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City.  The following documents should be submitted upon filing of application:  —Original copy of Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse;  —Original and photocopy of latest Income Tax Return together with Form W-2 and Confirmation Receipt. (Not applicable for overseas worker);  —SS Form E-1 (and E-4, if any). If self-employed, SS Form RS-1; Employer Membership Certificate and Business License;  —Certification of Employment, Compensation and SSS Premium Contributions duly signed by the employer's SSS authorized signatory. If overseas Filipino worker (OFW), Certification and Contract of Employment (duly authenticated by the Philippine Consulate);  —Deed of Sale with Assumption of Mortgage and latest Statement of Account from Investment Accounting Department (IAD), 9th floor;  —If existing housing loan with the SSS is a Joint Applicant, written conformity of the other Joint Applicant; and  —Affidavit of undertaking to continue paying monthly SSS Premium Contributions for the duration of loan for Voluntary and Self-employed members only.  Note: — Present original and submit one (1) photocopy of required documents for authentication purposes   — Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS   — SSS reserves the right to require additional documents if deemed necessary — Application Fee – ½ of 1% of loan amount or P500.00, whichever is higher but not to exceed P3,000.00, to be paid prior to journalization of the account.   Loanable Amount The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed.  Appraised value of collateral of at least 70% but not to exceed 90%;  Borrower's capacity to pay; and Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.   Interest Rate  Up to P450,000.00 - 8% p.a. Over P450,000.00 up to P1,000,000.00 - 9% p.a. Over P1,000,000.00 up to P1,500,000.00 - 10% p.a. Over P1,500,000.00 up to P2,000,000.00 - 11% p.a.    Term of the Loan The amortization period shall be in multiples of five (5), but shall in no case exceed: The remaining term of the old mortgage; The economic life of the house; and The difference between the age of the applicant and 65.  Allowable Collateral/s The collateral shall be the house and lot which is the subject of the mortgage to be assumed.  Insurance The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance.  The insurance premiums shall be shouldered by the borrower.    Loan Release The amount assumed is transferred to the mortgagor. A new account number will be assigned to be used in paying the monthly amortization of the loan.   Manner of Payments The regular monthly amortization payment shall start within the first ten (10) days of the succeeding month after the account has been journalized. Prior to journalization, the applicant shall continue paying the monthly amortization for the account of the original mortgagor.  Default in Payment of Amortization Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property.  For more information contact the SSS Housing and Business Loans Department in Quezon City with telephone number 920-64-01 local 5121 to 5127 or at member_relations@sss.gov.ph or to the SSS office nearest you.  Advertisements  Read More:   Things You Need to Know About Senior Citizen's Benefits   Body Of Household Worker Found Inside A Freezer In Kuwait; Confirmed Filipina  Senate Approves Bill For Free OFW Handbook    Overseas Filipinos In Qatar Losing Jobs Amid Diplomatic Crisis—DOLE How To Get Philippine International Driving Permit (PIDP)    DFA To Temporarily Suspend One-Day Processing For Authentication Of Documents (Red Ribbon)    SSS Monthly Pension Calculator Based On Monthly Donation    What You Need to Know For A Successful Housing Loan Application    What is Certificate of Good Conduct Which is Required By Employers In the UAE and HOW To Get It?    OWWA Programs And Benefits, Other Concerns Explained By DA Arnel Ignacio And Admin Hans Cacdac     SUBSCRIBE TO OUR YOUTUBE CHANNEL   ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below

Loanable Amount
The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed.
Appraised value of collateral of at least 70% but not to exceed 90%;
Borrower's capacity to pay; and
Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.


Interest Rate
Up to P450,000.00 - 8% p.a.
Over P450,000.00 up to P1,000,000.00 - 9% p.a.
Over P1,000,000.00 up to P1,500,000.00 - 10% p.a.
Over P1,500,000.00 up to P2,000,000.00 - 11% p.a.


Term of the Loan
The amortization period shall be in multiples of five (5), but shall in no case exceed:
The remaining term of the old mortgage;
The economic life of the house; and
The difference between the age of the applicant and 65.

Allowable Collateral/s
The collateral shall be the house and lot which is the subject of the mortgage to be assumed.

Insurance
The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance.

The insurance premiums shall be shouldered by the borrower.


Loan Release
The amount assumed is transferred to the mortgagor. A new account number will be assigned to be used in paying the monthly amortization of the loan.


Manner of Payments
The regular monthly amortization payment shall start within the first ten (10) days of the succeeding month after the account has been journalized. Prior to journalization, the applicant shall continue paying the monthly amortization for the account of the original mortgagor.

Default in Payment of Amortization
Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property.

For more information contact the SSS Housing and Business Loans Department in Quezon City with telephone number 920-64-01 local 5121 to 5127 or at member_relations@sss.gov.ph or to the SSS office nearest you.

Source: SSS website
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