SSS Housing Loan Interest Rate 2023 — A Guide for Members

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Details about the SSS Housing Loan Interest Rate 2023 Offer for Eligible Members

SSS HOUSING LOAN INTEREST RATE 2023 – You can check the guide below on the details about the Social Security System’s Housing Loan offer.

Have you heard about the Housing Loan offer of the Social Security System? If you are a qualified member of the state-run social insurance institution, you may apply for the loan offer to finance your major house repair or home improvement.

SSS Housing Loan Interest Rate 2023
Photo Credit: ThoughtCo

The SSS Housing Loan offer is a turn to for major house repairs and as well as home improvement purposes including the following:

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

The Social Security System’s loan offer has helped countless Filipinos get their residential properties back at its original shape or even more beautiful and secured. It is open for member-borrowers who meet the following eligibility criteria:

  • 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)

The state-run social insurance agency has provided the maximum loanable amount under the SSS Housing Loan 2023. With regards to the SSS Housing Loan interest rate, it depends on the amount borrowed by the member.

Here is a guide on the SSS Housing Loan Interest Rate 2023 based on the borrowed amount from the state-run social insurance agency:

  • 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.

There are documentary requirements that you must submit to the Social Security System (SSS) if you wish to apply for the loan offer. Here’s a list of the documents that you must prepare:

  • 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

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