SSS Housing Loan 2023 Loanable Amount — A Guide for Members

by in Categories Blogging

Details about the SSS Housing Loan 2023 Loanable Amount for Qualified Members

SSS HOUSING LOAN 2023 LOANABLE AMOUNT – Stated below are the details about the Social Security System loan offer including the amount you may borrow.

Are you looking for a financial solution in your pursuit for a house or improvement? If you are a member of the Social Security System or more popularly called SSS, you may turn to the Housing Loan offer of the state-run social insurance agency.

SSS
Photo source: Inquirer

Aside from the SSS Salary Loan offer, the Social Security System also offers a Housing Loan. The main purpose of the SSS Housing Loan 2023 is to finance a house repair or improvement. It is open for SSS members who have posted at least 36 monthly contributions and with good account standing to the state-run social insurance agency.

SSS Housing Loan 2023 Loanable Amount
Photo Credit: Rocket Mortgage

The Housing Loan offer of the Social Security System can finance both major repairs and home improvement pursuits. You may apply for it to finance any of the following as well:

  • completion of an occupied bare house
  • extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
  • installation of deep well and motor pump
  • construction of concrete fence and steel gate

Under the SSS Housing Loan 2023 offer, a member may borrow up to P2 million. The approved borrowing amount is based on the assessment of the state-run social insurance agency considering several factors including the appraised value of the collateral for the loan and the borrower’s capacity to pay.

The loan is payable for up to 15 years. To qualify for the loan offer, the borrower must meet the following eligibility requirements for application:

  • 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)

With regards to the documents that you must prepare and submit to SSS for application, the list includes both the member-borrower’s personal documents and the property’s documents. Here are the documentary requirements for application:

  • Application for Direct House Repair and/or Improvement Loan (2 copies)
  • SS ID Cards of the principal applicant and his/her spouse, if applicable
  • proof of income:
    • If employed…
      • latest Income Tax Return (original and photocopy for authentication)
      • Certification of Employment and Compensation duly signed by the employer’s SSS authorized signatory (original copy
      • payslips
    • If self-employed or a professional…
      • Income Tax Returns and Financial Statements for the last three (3) years (original and one photocopy)
    • If overseas Filipino worker (OFW)…
      • Contract of Employment and Certification of Employment and Compensation duly authenticated by the Philippine Consulate or SSS Foreign Representative
  • Building or Renovation Permit issued/approved by the Building Official with Locational Clearance, Electrical Permit, Sanitary/Plumbing Permit and corresponding official receipts of payments (original and one (1) photocopy
  • Certified true copy of the Original/Transfer/Condominium Certificate of Title (OCT/TCT/CCT) issued by the Registry of Deeds together with owner’s duplicate copy*
  • latest Tax Declaration of Real Property (land and building) with the Official Receipt of Realty Tax Payment (original and one (1) photocopy)
  • complete set of building plan
  • Consolidation-subdivision plan approved by the Land Registration Authority or Bureau of Lands/DENR-NCR (15” x 20” size; primary document) (1 copy)
  • specifications and Bill of Materials & Labor must be signed & sealed by a licensed civil engineer or architect with owner’s conformity
  • Lot/Location Plan prepared, signed & sealed by a licensed geodetic engineer with the following:
  • scope of Works showing list/itemized works to be done according to priority, prepared and signed by owner, civil engineer or architect. (original and one (1) photocopy)
  • pictures of existing collateral; the existing house and lot
    • 1st – Front and one side
    • 2nd – Rear and other side
    • 3rd – Kitchen counter
    • 4th – Toilet and Bath Pictures

Leave a Comment