SSS Direct Housing Loan for OFWs

Did you know that SSS members who contributed at least 36 months and are active paying members for the past 24 months before application may qualify for a housing loan of up to P2 million?

Direct Housing Loan Facility for OFWs is a program by the SSS that helps finance the construction or purchase of a house or house and lot. Loan on offer ranges between P450,000 to P2 million.

SSS Office Locations in the Philippines

Loan details

1. Loanable Amount

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   The maximum loanable amount is P2,000,000.00. The loan amount granted shall be the lowest amount based on the following factors:

   1. Appraised value of collateral of at least 70% but not to exceed 90%
   2. Borrower’s capacity to pay
   3. Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS
      

      Housing Loan Type	Amount of Loan
      Socialized Housing Loan	Up to P450,000.00
      Low-cost Housing Loan	Over P450,000 up to P1,000,000 Over P1,000,000 up to 1,500,000 Over P1,500,000 up to P2,000,000

   A maximum of three qualified SSS members may be tacked in for a single loan. The loan amount can be up to the combined maximum individual loan benefit secured by the same collateral, provided they are related within the first civil degree of consanguinity or affinity.
2. Term of the Loan
   The loan is payable in multiples of five (5) years up to a maximum of fifteen (15) years. However, the loan term shall be subject to the following:
   1. The principal borrower’s age shall not exceed 65 years old at the time of loan maturity; and
   2. The loan term shall not exceed the economic life of the building, as determined by the SSS appraiser.
3. Interest Rate
   1. Up to P450,000.00 – 8% p.a.
   2. Over P450,000.00 up to P1,000,000.00 – 9% p.a.
   3. Over P1,000,000.00 up to P1,500,000.00 – 10% p.a.
   4. Over P1,500,000.00 up to P2,000,000.00 – 11% p.a.
4. Allowable Collateral/s

   The collateral for the loan is the Transfer Certificate Title/Original Certificate of Title/ Condominium Certificate of Title (TCT/OCT/CCT) issued by the Registry of Deeds in the name of the principal borrower free from liens and encumbrances.

   The loan shall be secured by a first Real Estate Mortgage (REM) on the house and lot to be financed. The REM shall be annotated on the member borrowers TCT/OCT/CCT and shall be registered with the appropriate Registry of Deeds. An HGC guaranty shall also cover the loan.

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   If the loan’s purpose is to purchase a residential condominium unit before actual construction (pre-selling), other residential property acceptable to SSS shall be submitted as collateral to secure the loan.

   The following are not acceptable as collateral:

   1. Land type other than residential
   2. Less than 15 sq. meters floor area, in case of condominium units
   3. Less than 32 sq. meters lot area
   4. Road right of way is less than 1.5 meters
   5. Free/Homestead/Miscellaneous Sales Patent Titles
5. Insurance Coverage
   1. Mortgage Redemption Insurance
   2. Fire Insurance
   3. Home Guaranty Corporation Coverage

   The borrower shall shoulder the insurance premiums.

6. Manners of Payment
   1. List of Overseas Payment Centers (For OFWs)
      1. PNB electronic overseas bills payment
      2. i-Remit online branches
      3. Ventaja online outlets
      4. WDS-Lucky Money online branches
      5. Metrobank online branches & subsidiaries
      6. BDO Remit Services
      7. RCBC Telepay Service
      8. BOC Remittance tie-ups
      9. AUB Ginto Hatid Express
      10. Bancnet online payments (www.bancnetonline.com)
      11. Branches or remittance tie-ups of accredited collecting banks

Eligible members

• An OFW who is applying for this type of loan must meet the following eligibility requirements:
• Member is a certified Overseas Filipino Worker;
• Member is a voluntary OFW member of SSS;
• Member has at least 36 months of contribution and 24 continuous contributions in the period before application
• Member is not more than 60 years old at the time of application and must be insurable. Members age 60 years at time of application will have a maximum loan term of 5 years
• The member was not previously granted an SSS housing loan
• Member has not been awarded final SSS benefits
• Borrower and spouse is updated in the payment of their other SSS loan(s) if any
• The spouse of an existing borrower may still qualify for an SSS housing loan if the credit of the current borrower was obtained before the date of marriage, and the loan is not delinquent.

How to apply

If you are qualified and would like to use for this type of loan, the following documents listed below should be submitted at the nearest SSS cluster branch or at:

Housing and Business Loans Department
5/F, SSS Bldg.
East Avenue, Diliman, Quezon City

or you may call telephone number 920-64-01 local 5121 to 5127, or e-mail us at member_relations@sss.gov.ph

Original copy of the following:

• Mortgagor’s Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse
• Certificate of Loan Eligibility (CLE) – (P100 Service Fee)
• Certification from POEA/DOLE/OWWA/ SSS Foreign Representative Office or Philippine Embassy/Consular Office
• Deed of Sale or Contract to Sell with a statement of latest balance for purchase of lot or house and lot
• Appraisal Report from Home Guaranty Corporation accredited appraisal companies
• Certificate of Acceptance and Occupancy duly signed by the borrower if the house is 100% complete at the time of loan filing
• Duly notarized Special Power of Attorney (if filing is through a representative)

Original and Photocopy of the following:

• Latest Contract of Employment and most recent Employer’s Certification duly authenticated by Phil. Consulate
• Owner’s copy of the TCT/OCT/CCT
• Certified exact copy of TCT/OCT/CCT issued by the Register of Deeds
• Latest Property Tax Declaration and Realty Tax Receipt

Other documents:

• Lot plan with vicinity map duly signed and sealed by Registered Surveyor or Geodetic Engineer (Blue Print)
• Building plans/specifications/picture of the house (Blue Print)
• A set of twelve (12) postdated checks covering twelve (12) monthly installments and shall be repeated every twelve (12) months after that until the loan is fully paid
• Tax Mapping/Subdivision Plan
• Affidavit of Undertaking to continue paying monthly SSS premium contributions for the duration of housing loan

Notes:

• Present original and submit one (1) photocopy of required documents for authentication purposes
• Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS
• SSS reserves the right to require additional documents if deemed necessary
• Application Fee – ½ of 1% of loan amount or P500 whichever is higher but not to exceed P3,000.00 to be deducted from the first loan release.
• Inspection Fee – P500 for both within and outside Metro Manila

SSS Office Locations in the Philippines