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Showing posts with label monthly amortization. Show all posts
Showing posts with label monthly amortization. Show all posts

Friday, July 06, 2018

Household Workers Can Now Avail Of Pag-ibig Housing Loan

It is a general perception that people who are working with a very small salary will never be able to buy a house that they can call their own. They cannot meet the requirement to apply for a housing loan, and they simply do not have enough to save money for the same purpose. The good news is, with the new housing loan program by Pag-IBIG Fund, one doesn't even need to have a high earning job to purchase a house. Even those who are earning less than ten thousand pesos a month can have a chance to buy a property.
A good example is a 61-year-old housemaid who can now enjoy her house after 9 years of faithfully paying the monthly amortization by availing a housing loan from Pag-IBIG.
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It is a general perception that people who are working with a very small salary will not make it purchasing a house they can call their own. They cannot meet the requirement to apply for a house mortgage. Today with the new housing loan program by Pag-IBIG Fund, you don't even need to have a high earning job to purchase a house and even those who are earning less than ten thousand pesos a month can have a chance to buy a property. A good example is a 61-year-old housemaid who may now enjoy her house after 9 years of faithfully paying the monthly amortization by availing a housing loan from Pag-IBIG. Advertisement Sponsored Links Marilou Leonor Domingo, 61, a housemaid, is one of the beneficiaries of the housing loan from Pag-IBIG. With earnings less than P10,000 in a month, and with the help of her employer, she applied for a housing loan and had been approved. Domingo is now automatically saving P2,500 from her salary to pay her housing loan amounting to P229,000 from Pag-IBIG "acquired assets". The house has a measurement of 35 square meters with 2 rooms, toilet and bath, dining area and a kitchen. The unit was pre-occupied by its former owner who cannot pursue the monthly payment anymore. After 9 years of religious payment, it will be awarded to Domingo as her own. She will be paying for 9 years because the maximum age for paying is 70 years old. If the one who will apply for a loan is much younger, the payment period may stretch up to 30 years. She is now urging other housemaids to avail the loan program so that they, too may have their own home. Pag-IBIG Fund explained that there will be no equity to be paid by qualified buyers of the socialized housing if they availed a property with amounts P450,000 and below. Loans can also be corporate which means relatives or friends may join together to get a housing loan. there are presently 22,000 housemaids that are Pag-IBIG members but only a hundred of them has availed the program. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Survey: 8 Out of 10 OFWS Are Not Saving Their Money For Retirement Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?

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Marilou Leonor Domingo, 61, a housemaid, is one of the beneficiaries of the housing loan from Pag-IBIG. With earnings less than P10,000 in a month, and with the help of her employer, she applied for a housing loan and had been approved.

 Domingo is now automatically saving P2,500 from her salary to pay her housing loan amounting to P229,000 from Pag-IBIG "acquired assets".
It is a general perception that people who are working with a very small salary will not make it purchasing a house they can call their own. They cannot meet the requirement to apply for a house mortgage. Today with the new housing loan program by Pag-IBIG Fund, you don't even need to have a high earning job to purchase a house and even those who are earning less than ten thousand pesos a month can have a chance to buy a property. A good example is a 61-year-old housemaid who may now enjoy her house after 9 years of faithfully paying the monthly amortization by availing a housing loan from Pag-IBIG. Advertisement Sponsored Links Marilou Leonor Domingo, 61, a housemaid, is one of the beneficiaries of the housing loan from Pag-IBIG. With earnings less than P10,000 in a month, and with the help of her employer, she applied for a housing loan and had been approved. Domingo is now automatically saving P2,500 from her salary to pay her housing loan amounting to P229,000 from Pag-IBIG "acquired assets". The house has a measurement of 35 square meters with 2 rooms, toilet and bath, dining area and a kitchen. The unit was pre-occupied by its former owner who cannot pursue the monthly payment anymore. After 9 years of religious payment, it will be awarded to Domingo as her own. She will be paying for 9 years because the maximum age for paying is 70 years old. If the one who will apply for a loan is much younger, the payment period may stretch up to 30 years. She is now urging other housemaids to avail the loan program so that they, too may have their own home. Pag-IBIG Fund explained that there will be no equity to be paid by qualified buyers of the socialized housing if they availed a property with amounts P450,000 and below. Loans can also be corporate which means relatives or friends may join together to get a housing loan. there are presently 22,000 housemaids that are Pag-IBIG members but only a hundred of them has availed the program. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Survey: 8 Out of 10 OFWS Are Not Saving Their Money For Retirement Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?
The house has a measurement of 35 square meters with 2 rooms, toilet and bath, dining area and a kitchen. The unit was pre-occupied by its former owner who cannot pursue the monthly payment anymore. After 9 years of religious payment, it will be awarded to Domingo as her own. She will be paying for 9 years because the maximum age for paying is 70 years old. If the one who will apply for a loan is much younger, the payment period may stretch up to 30 years.
She is now urging other housemaids to avail the loan program so that they, too may have their own home.

Pag-IBIG Fund explained that there will be no equity to be paid by qualified buyers of the socialized housing if they availed a property with amounts P450,000 and below.

Loans can also be corporate which means relatives or friends may join together to get a housing loan.
It is a general perception that people who are working with a very small salary will not make it purchasing a house they can call their own. They cannot meet the requirement to apply for a house mortgage. Today with the new housing loan program by Pag-IBIG Fund, you don't even need to have a high earning job to purchase a house and even those who are earning less than ten thousand pesos a month can have a chance to buy a property. A good example is a 61-year-old housemaid who may now enjoy her house after 9 years of faithfully paying the monthly amortization by availing a housing loan from Pag-IBIG. Advertisement Sponsored Links Marilou Leonor Domingo, 61, a housemaid, is one of the beneficiaries of the housing loan from Pag-IBIG. With earnings less than P10,000 in a month, and with the help of her employer, she applied for a housing loan and had been approved. Domingo is now automatically saving P2,500 from her salary to pay her housing loan amounting to P229,000 from Pag-IBIG "acquired assets". The house has a measurement of 35 square meters with 2 rooms, toilet and bath, dining area and a kitchen. The unit was pre-occupied by its former owner who cannot pursue the monthly payment anymore. After 9 years of religious payment, it will be awarded to Domingo as her own. She will be paying for 9 years because the maximum age for paying is 70 years old. If the one who will apply for a loan is much younger, the payment period may stretch up to 30 years. She is now urging other housemaids to avail the loan program so that they, too may have their own home. Pag-IBIG Fund explained that there will be no equity to be paid by qualified buyers of the socialized housing if they availed a property with amounts P450,000 and below. Loans can also be corporate which means relatives or friends may join together to get a housing loan. there are presently 22,000 housemaids that are Pag-IBIG members but only a hundred of them has availed the program. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Survey: 8 Out of 10 OFWS Are Not Saving Their Money For Retirement Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?
There are presently 22,000 housemaids that are Pag-IBIG members but only a hundred of them has availed the program. 
©2018 THOUGHTSKOTO
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Thursday, July 05, 2018

Survey: 8 Out of 10 OFWS Are Not Saving Their Money For Retirement

Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time.
But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good?
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Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. Ritchie Farinas, Overseas Customer Segment Division Head of BPI, noted that “ ... recent studies have shown that overseas Filipinos’ money habits are rather grim.” The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. Filipino Times, a UAE-based news outlet, reported that eight out of 10 OFWs are not saving their money for retirement, according to BPI. Farinas said overseas Filipinos, who are challenged by saving and investing, should look for bank services that will help them not only send money back home but also make it easier for them to save and invest. Read also: 7 Things OFWs Should Prepare Before Going Home “OFs should really learn how to manage their finances well because no matter how much they earn, money can be easily spent. There are also different ways to send money back home, and some can be more expensive than others,” he said. BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, he said. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” Farinas said. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?

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Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances.

The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments.
Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. Ritchie Farinas, Overseas Customer Segment Division Head of BPI, noted that “ ... recent studies have shown that overseas Filipinos’ money habits are rather grim.” The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. Filipino Times, a UAE-based news outlet, reported that eight out of 10 OFWs are not saving their money for retirement, according to BPI. Farinas said overseas Filipinos, who are challenged by saving and investing, should look for bank services that will help them not only send money back home but also make it easier for them to save and invest. Read also: 7 Things OFWs Should Prepare Before Going Home “OFs should really learn how to manage their finances well because no matter how much they earn, money can be easily spent. There are also different ways to send money back home, and some can be more expensive than others,” he said. BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, he said. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” Farinas said. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools? Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. The statistics of OFWs who save for their retirement is only at very slim 8 out of 10, according to BPI. Farinas said overseas Filipinos, who find it hard to do saving and investing must look for bank services that will help them not only send money back home but can make it easier for them to save and invest as well. Read also: 7 Things OFWs Should Prepare Before Going Home BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, according to Farinas. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” he added. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?
The statistics of OFWs who save for their retirement is only at very slim 8 out of 10, according to BPI.

Farinas said overseas Filipinos, who find it hard to do saving and investing must look for bank services that will help them not only send money back home but can make it easier for them to save and invest as well.

Read also: 7 Things OFWs Should Prepare Before Going Home

Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. Ritchie Farinas, Overseas Customer Segment Division Head of BPI, noted that “ ... recent studies have shown that overseas Filipinos’ money habits are rather grim.” The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. Filipino Times, a UAE-based news outlet, reported that eight out of 10 OFWs are not saving their money for retirement, according to BPI. Farinas said overseas Filipinos, who are challenged by saving and investing, should look for bank services that will help them not only send money back home but also make it easier for them to save and invest. Read also: 7 Things OFWs Should Prepare Before Going Home “OFs should really learn how to manage their finances well because no matter how much they earn, money can be easily spent. There are also different ways to send money back home, and some can be more expensive than others,” he said. BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, he said. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” Farinas said. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools? Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. The statistics of OFWs who save for their retirement is only at very slim 8 out of 10, according to BPI. Farinas said overseas Filipinos, who find it hard to do saving and investing must look for bank services that will help them not only send money back home but can make it easier for them to save and invest as well. Read also: 7 Things OFWs Should Prepare Before Going Home BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, according to Farinas. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” he added. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?
BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, according to Farinas.

“Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” he added.
©2018 THOUGHTSKOTO
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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. 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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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