The information written below is copied directly from their official website of the Social Security System or SSS in the Philippines:

Housing Loan – Individual Housing Program

What is the Individual Housing Loan Program?

The Individual Housing Loan Program is a lending program of the Social Security System (SSS) established to provide funds thru SSS-accredited participating financial institutions (PFIs).

Drawdowns will be done by the PFI in batches of ten applications for review by the SSS Real Estate Department.

What are the eligible purposes of the loan?

Loans may be used to:

• Construct a new house or dwelling unit on a lot owned by the applicant free from liens/ encumbrances;
• Purchase a lot and construction thereon of a new house or dwelling unit;
• Purchase an existing residential unit which may be a house and lot, a condominium unit or a townhouse; and
• Purchase an existing residential unit foreclosed by SSS, GSIS, HDMF (Pag-Ibig), HGC and other GFIs.
• - A rowhouse or townhouse unit is allowed provided the units are separated by a minimum of 4” thick CHB common wall extended up to roof lines and 6” thick CHB and walls extended beyond the building and roof lines by at least one meter.
  - A core house is allowed as long as it has four walls and a roof, enclosed toilet and bathroom, kitchen and door and window covers.
  -Four-inch CHB exterior walls are allowed provided they are constructed with concrete columns and beams.

Who may borrow under the loan program?

A member is qualified to borrow if:

• he is an active SSS member and has paid at least twelve (12) months continuous contributions or at least twenty-four (24) months total contributions;
• he is not more than 65 years old;
• he has not been previously granted a housing loan by the SSS, either directly or through conduit institutions, refund of contributions, retirement or total permanent disability benefit;
• he is up-to-date in the payment of all SSS contributions and other loan amortizations; and
• if employed, his employer must be up-to-date in the payment of monthly contributions and loan remittances.

How much is the loanable amount?

The maximum loanable amount is P1,000,000.00, or, whichever is the lowest of the amount applied for, the amount justified by the paying capacity, the loan value of the collaterals, and the actual need as determined by the bank.

What is the term of the loan?

The loan is payable in multiples of five (5) up to a maximum of thirty (30) years, but, not to exceed the economic life of the house, and, the difference between the age of the applicant and 70.

What is the interest rate of the loan?

• Up to P300,000.00 – 9% p.a. fixed for the term of the loan.
• Over P300,000.00 up to P500,000.00 – 13% p.a. subject to review every five (5) years.
• Over P500,000.00 up to P1,000,000.00– 14% p.a. subject to review every five (5) years.

Can the borrower avail of the interim financing for his loan?

The individual borrower (for an owner-built house only as differentiated from a turn key arrangement with a developer/ contractor) may avail of interim financing from the bank.

The bank must file the loan application with the SSS within the 120-day period from the time the interim financing was granted.

Who will appraise the property?

The PFI will appraise the lot and the house to be constructed thereon.

What are the allowable collaterals for the loan?

The loan shall be secured by a first mortgage on the house and lot to be financed. However, the lot must be:

• registered under the Torrens System in the name of the applicant and/or his spouse;
• without any liens or encumbrances; and
• accessible thru an existing road, the development of which should be at least macadam with the drainage system, with at least two meters right-of-way, graded and passable.

What are the required insurance coverages for the loan?

The loan should be duly covered by Mortgage Redemption Insurance and Property Insurance.

What are the required documents for the loan?

The following documents should be submitted upon application:

• Loan application
• Certificate of employment and compensation or updated employment contract
• Certificate of Loan Eligibility (CLE) – (P100 Service Fee)
• Authenticated copy(ies) of latest income tax return(s) with Form W-2 or financial statements for the last three years if income is from business
• Authenticated copy of Transfer Certificate of Title (TCT) including encumbrance of real estate mortgage
• Tax declaration and latest tax receipt
• Lot Plan (with vicinity map) of the project site
• Building plans (floor plans and elevation only) and specifications
• Building permit

Where should a member file his application?

Application forms should be filed with any of the following SSS-accredited PFIs:

• Bank of Florida
  San Fernando, Pampanga
  Contact Person:    Teresa David-Carlos
  Tel. No.: (045) 963-52-88
  Fax No.: (045) 961-7079
• Century Rural Bank, Inc.
  Brgy. Villa Rica, Babak District
  Island Garden City of Samal
  Davao Del Norte
  Contact Person:    Richard C. Laud
  Tel. No.: (084) 822-23-30
  Fax No.: (084) 822-05-13
• Equitable-PCI Bank
  Equitable-PCI Bank Tower II
  Makati Avenue, Makati City
  Tel. No.: 840-7000
• East West Bank
  #349 Sen. Gil Puyat Avenue, Makati City
  Tel. No.: 830-87-26
  Fax No.: 818-41-57
• Union Bank of the Philippines
  22nd Floor, Union Bank Plaza
  Meralco Avenue cor. Onyx Street
  Ortigas Center, Pasig City
  Tel. No.: 892-00-11 loc. 8773 & 8753

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