Steps for SSS Housing Loan 2023 Application Process
SSS HOUSING LOAN 2023 – You can check the steps below on how to apply for the loan offer of the Social Security System.
Are you planning to do some house repairs or home improvement? If you are a member of the Social Security System, you may turn to the state-run social insurance instution for a loan offer — the SSS Housing Loan.
The main purpose of the SSS Housing Loan is to finance a major house repair or minor home improvements. You may also apply for the loan offer to finance any of the following projects:
- installation of deep well and motor pump
- extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
- completion of an occupied bare house
- construction of concrete fence and steel gate
With regards to the loanable amount under the SSS Housing Loan 2023, it vary depending on certain factors like the capacity of the borrower to repay the amount borrower and the actual need. Meanwhile, the state institution has provided the details on the maximum amount that you may borrow.
The loan can be repaid between five (5) years to twenty (20) years. The SSS Housing Loan Interest Rate 2023 will be implemented until the loan is fully paid. There is an easy process in applying for the loan offer. You may follow these steps below to apply:
Step 1 — Check the Eligibility Requirements.
To qualify for the loan offer, there is an eligibility criteria that a member-borrower must meet. Here are the qualifications in the application for the SSS Housing Loan offer:
- member must have posted at least 36 monthly contributions with 24 continuous contributions prior to the application
- not more than 60 years old at the time of application
- not previously granted a repair and/or improvement loan by the SSS or NHMFC
- not been granted final SSS benefits
- borrower and spouse is updated in the payment of their other SSS loan(s)
Step 2 — Prepare the Requirements.
The Social Security System has set a list of documentary requirements for application to the SSS Housing Loan 2023 offer. These includes both personal documents of the SSS member and documents of the property.
Step 3 — Go to SSS.
Visit a branch of the Social Security System (SSS) and submit your requirements. The loan processing may take several days. Wait for an update from the state-run social insurance institution regarding the status of your loan application.