How to Apply and Avail of SSS Housing Loan

We all have our own dream houses. It differs from person to person and from different circumstances.

The bigger the family, the bigger the dream house and the more number of rooms.

Some want pools and grand interior design; some just want a simple house that would accommodate everyone’s needs; while others just want a house – something that they could call their home.

And while building houses and construction costs a lot of money, the government has our back.

We can now loan money from the government for the meantime in order for the construction process to proceed. You can pay it later on when your house is already completed.

In this article, more information will be given out about the SSS Housing Loan. This will include important details such as application requirements, documents, and processes.

Direct Housing Loan Facility for Workers’ Organization Members (WOMs)

This program aims to provide low-cost housing to workers who are bonafide members of duly registered and accredited workers’ organizations.

This is granted to any worker of the different associations in private sectors duly registered with DOLE, the Securities and Exchange Commission, or the Cooperative Development Authority.

It will include any trade union center, federation, national union, local/chapter or independent union as defined in Book V of the Labor Code.

So if you work in any organization registered in the above-mentioned associations or commissions, this is the housing loan that you should aim for.

How to qualify for SSS Housing Loan?

Here are the eight qualifications that must be fulfilled before the application process.

1. Member is a bonafide member of a registered workers’ organization in the private sector;
2. Member must be a member of the SSS;
3. Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application
4. Member not more than 60 years old at the time of application and must be insurable.
5. Members age 60 years at time of application will have a maximum loan term of 5 years
6. Member was not previously granted an SSS housing loan
7. Member has not been granted final SSS benefits
8. Member and spouse is updated in the payment of their other SSS loan(s), if any

What can I use it for?

This type of loan is only restricted to three loan purposes:

1. To construct a new house or dwelling unit on a lot owned by the applicant free from liens/encumbrances;
2. To purchase a lot and construct thereon a new house or dwelling unit;
3. To purchase an existing residential unit which may be a house and lot, a condominium unit or a townhouse.

Direct Housing Loan Facility for OFWs

This one, on the other hand, is granted to those who are OFWs. However, at least one out of four of the following conditions must be fulfilled:

1. Currently deployed with a contract processed through the POEA or authenticated by the Embassy abroad
2. With employment contracts which are awaiting renewal/deployment; however, release of loan shall be made upon renewal/employment
3. A Filipino national but who is now a citizen or immigrant of a foreign country but is interested in buying a housing unit for his family who is still in the country
4. A long-term resident overseas Filipinos who wish to avail of housing packages either for themselves when they retire or when they visit the Philippines and/or for their extended families

How to qualify?

Below are the qualifications that must be met before the application process:

1. Member is a certified Overseas Filipino Worker;
2. Member is a voluntary OFW member of SSS;
3. Member has at least 36 months contribution and 24 continuous contributions in the period prior to application
4. 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
5. Member was not previously granted an SSS housing loan
6. Member has not been granted final SSS benefits
7. Borrower and spouse is updated in the payment of their other SSS loan(s), if any

What can I use it for?

This shares the same loan purposes as the first type discussed earlier.

1. To construct a new house or dwelling unit on a lot owned by the applicant free from liens/encumbrances;
2. To purchase a lot and construct thereon a new house or dwelling unit;
3. To purchase an existing residential unit which may be a house and lot, a condominium unit or a townhouse.

House Repair/Improvement Loan

This lending program on the other hand, has different purposes than the first two mentioned ones. This is available directly thru SSS or thru its accredited participating financial institutions (PFIs)

How to qualify?

Five eligibility requirements should be met:

1. The borrower must be a member of SSS who has at least 36 months contributions and 24 continuous contributions in the period prior to application.
2. Age of member is not more than 60 years old at the time of application.
3. Member was not previously granted a repair and/or improvement loan by the SSS or NHMFC.
4. Member has not been granted final SSS benefits
5. Borrower and spouse is updated in the payment of their other SSS loan(s), if any.

What can I use it for?

The loan purposes for thing lending program differs a lot from the first two mentioned above.

1. Major repairs, particularly for dilapidated and structurally unsafe housing units;
2. Improvements which shall apply to:
3. Extension or expansion and enhancement of economic and aesthetic value of an existing housing unit. Said improvements shall be permanently attached to the house.
4. Completion of an occupied bare house.
5. Construction of concrete fence and steel gate.
6. Installation of deep well and motor pump.

Assumption Mortgage

This lending program, on the other hand, allows a member in good standing to resume the updated principal balance of an already existing SSS housing loan.

How to qualify?

Below are the eligibility qualifications of this particular lending program:

1. The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application
2. Is not more than 60 years old at the time of application.
3. He was not previously granted an SSS housing loan
4. He has not been granted final SSS benefits
5. Borrower and spouse is current in the payment of their other SSS loan(s), if any

How to apply?

Different requirements will be asked for different circumstances and different lending programs. If you want to make sure and double check, particular requirements are found in the SSS website.

Afterwards, the filing process can be carried out on any SSS office branch near you that has a tellers’ facility.

We hope that you learned a lot from this article about the SSS Housing Loan. This knowledge is essential especially if you are filing your application for the loan.

You can also read this article about the Types of SSS Housing Loan.