Guide on the SSS Housing Loan Requirements 2023 for Application
SSS HOUSING LOAN REQUIREMENTS 2023 – You can check the list below for the documents needed in applying for the Social Security System offer.
Are you a member of the Social Security System (SSS)? You might have yet to know that the government agency is actually one of the entities that you may turn to for a Housing Loan. Its offer is open to finance a house repair or home renovation.
Under the loan offer, both major and minor projects can be financed. You may apply for the loan offer for any of the following purposes:
- completion of an occupied bare house
- installation of deep well and motor pump
- extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
- construction of concrete fence and steel gate
To qualify for the loan offer, the SSS member-borrower must have posted at least 36 monthly contributions. Here is a full list of the eligibility criteria for qualification to the Housing Loan offer:
- at least 36 monthly contributions with 24 continuous contributions prior to the application
- 60 years old and below 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 Social Security System considers several factors for the SSS Housing Loan 2023 loanable amount on a case-to-case basis. The government agency considers the project as well as the capacity of the borrower to repay the amount borrowed. It is payable from five (5) years to 20 years.
The SSS Housing Loan requirements 2023 are most documents pertaining to the property. Here is a list of what you must prepare and submit:
- 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
- two (2) copies of Application for Direct House Repair and/or Improvement Loan
- original and one (1) photocopy of Latest Tax Declaration of Real Property (land and building) with the Official Receipt of Realty Tax Payment
- copy of Consolidation-subdivision plan approved by the Land Registration Authority or Bureau of Lands/DENR-NCR (15” x 20” size; primary document)
- SS ID Cards of the principal applicant and his/her spouse, if applicable. If you have no SS ID Card, you can present any two (2) valid IDs with your signature and at least one (1) of them bearing your photo
- Lot/Location Plan prepared, signed & sealed by a licensed geodetic engineer. The plan should be prepared in a standard Bureau of Lands form (blueprint or whiteprint copy in 15” x 20” size) with the following:
- Lengths and bearings of the tie line and sides of the lot;
- Sketch of the lot with description of its boundaries; and
- two (2) copies of Vicinity map w/ landmarks, street pattern, street names and lot distance as reckoned/based from the lot to the nearest street intersection
- original and one (1) photocopy of Scope of Works showing list/itemized works to be done according to priority, prepared and signed by the owner, civil engineer or architect
- original and photocopy of Building or Renovation Permit issued/approved by the Building Official with Locational Clearance, Electrical Permit, Sanitary/Plumbing Permit and corresponding official receipts of payments
- Complete set of building plan (20” x 30” size; blue/whiteprint copy) as approved by the Building Official with signature of the owner/applicant and signed & sealed by the respective licensed engineers (Architectural Plans by the Architect/Civil Engineer, Structural Plans by Civil/Structural Engineer, Sanitary Plans by Civil/Sanitary Engineer and Electrical Plans by Electrical Engineer).
- two (2) copies of existing/completed houses, as-built building plans duly signed & sealed by a respective engineer or architect with conformity of the owner/applicant
- original and photocopy of pecifications and Bill of Materials & Labor must be signed & sealed by a licensed civil engineer or architect with owner’s conformity, for loans over P100,000. While for loans P100,000 and below the signature and seal by a licensed civil engineer or architect are no longer required
- photos 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
Submit the SSS Housing Loan requirements 2023 to a branch of the Social Security System nearest to you. Wait for an update from the state-run social insurance agency. For approved applications, the money will be released within three (3) to five (5) working days since the notice of approval.