This post shares info on the payment terms and amortization schedule available to approved applicants for the SSS Loan Restructuring Program of 2016. Info on other general terms and conditions are also shared on this article.
Do check if you meet the requirements in order to qualify for the SSS loan condonation program or SSS LRP. If you do, it’s time to know more about the restructured loan amount and payment term amortization schedule.
SSS loan condonation program terms and conditions, amortization schedule, payment terms info below:
The principal and interests of all past due short-term loans of the member-borrower shall be consolidated into one Restructured Loan (RL1) payable either in full or installment payment.
- Full payment – the restructured SSS loan is payable within 30 days from the approval of the restructuring application.
- Installment payment – the restructured SSS loan is payable in equal monthly amortization over applicable term based on RL1 range below.
For RL1 (Sum of Principal and Interest)
- Any amount less than P2,000 preferred term is Full Payment.
- P2,000 to P18,000 – 12 months amortization
- P18,000.01 to P36,000 – 24 months applicable term or amortization schedule
- P36,000.01 to P54,000 – applicable term is 36 months
- P54,000.01 to P72,000 – applicable term is 48 months
- SSS restructured loan amount that is more than P72,000 can be paid via a 60 months term
INTEREST RATE AND PENALTY
- For those SSS member-borrowers who opted for the installment term, RL1 shall be subject to interest rate of 3% per annum computed on diminishing principal balance over the applicable payment term.
- A penalty of 0.5% per month shall be charged against the amortization due for every month unpaid during the approved term.
*If you don’t want to suffer penalty fee, make sure that you pay your SSS restructured loan monthly amortization on time.
CONDITIONAL CONDONATION AND INTEREST RATE AFTER TERM EXPIRY
Penalties shall be condoned after full payment of RL1 within its approved term. The balance of RL1 should be zero at the end of the term. Otherwise, the unpaid principal of RL1 and the proportionate balance of condonable penalty shall become part of a new principal under Restructured Loan 2 (RL2) and shall henceforth be charged a 10% interest per annum until fully paid.
The unpaid interests and penalties of RL1 shall likewise be transferred to RL2.
DUE DATES and MANNER OF PAYMENT
- The monthly installment shall be due for payment every 10th day of the month following the amortization month. Amortization shall start on the month immediately following the approval date of the Restructured Loan.
This is the example provided by SSS:
Your restructured loan approval month is MAY 2016.
Your 1st amortization month is JUNE 2016
Your 1st installment amortization is due on JUNE 10, 2016.
OTHER CONDITIONS of the SSS LRP 2016 to 2017
- While the restructured loan is existing or outstanding, the member-borrower cannot avail of other SSS short-term loan program including Educational Assistance Loan Program.
- The member-borrower may avail of the SSS short-term loan programs after six (6) months from the date of full payment of the Restructured Loan.
- The member-borrower cannot avail of any future condonation / restricting program of SSS once this restructuring application is approved.
- During the term of the restructured loan, the member-borrower shall notify the nearest SSS branch of his / her updated contact information thru accomplishment of Member Data Change Request or the SS Form E4.
- In case member-borrower’s death, total disability or retirement, the total loan obligation or any unpaid amount of the loan as well as the interest and penalty thereon, if an, shall be deducted from the final benefits.
Check if you are eligible to apply for this SSS Loan Restructuring Program – Eligibility Requirements.
Check the types of acceptable IDs and documents to bring to SSS when you apply – Required IDs and Documents for application in SSS LRP.
Visit any SSS branch to apply for the SSS LRP loan condonation program. Bring all documents needed including Affidavit of Residency.
Please SHARE this info so more will know.
Janeth Sierra says
Can we pay RL1 at any bayad center
Ryan Reyes says
Same question
Rosemarie says
Kelan po available ang condonation? Ngayung 2018 tnx po.
iSensey says
As of now, no news if there will be a SSS Condonation Program for 2018. Wait nalang po sa next announcement ng SSS regarding loan restructuring, kaso baka matagalan pa yun.
ansel says
nagloan ako dati pero dko sure kung nagbayad yung opisina nmin matagal nah po almost 7yrs nah atah pwede pa bah akong magavail ng condination po para naman masmaliit bayaran ko.
iSensey says
Hi Ansel, tapos na ang condonation program ng SSS sa ngayon.
Joseph says
Good day, pwede ka pa mag apply sa condonation nyan. Kasi ang asawa ko po naga avail sya ng sss condonation kanina dahil 2014 pa yung loan nya di nabyaran at success naman application nya which is 2yrs to pay start ngayon June 10.
iSensey says
Hi Joseph, puede po ulit ngayon, dahil may SSS LRP 2018 this April lang nagsimula ulit.
renato ballster says
now until oct 2018.
I m able to apply for condonation and the sss approved it. they give me a copy of the breakdown and mode of payment.
they said that I can pay at accredited bayad center.
Rosemarie says
May loan po kc ako. Meron na pong tubo pwede po ba un bayaran ng wala ng tubo. I-aply q po ng condonation then. Bbayaran q po ng buo.
iSensey says
Hi Rosemarie, wala na ang condonation program ng SSS sa ngayon, so di matatangal ang tubo o interest sa loan mo.
steven says
I want to apply for the condonation program but I can’t do it personally, can my wife do it for me on my behalf?
iSensey says
Hi Steven, yes you can, pero kailangan mo mag execute ng SPA or Special Power of Attorney in favor of your wife, para sya ang mag-asikaso. Pls read this other post on SSS Condonation 2016 to 2017.
Yolali M. Bilbao says
Where can I pay my monthly amortization under the loan restricting program?
iSensey says
Hi Yolali, you can pay in any SSS branch, you will be using a special loan restructuring payment form for this.
Rolan says
I need to pay may Sss loan .. But I’m here in Saudi Arabia is it OK to help with my sister in the Philippines.
iSensey says
Puede po, e-execute kayo ng Special Power of Attorney naming your sister as your authorized representative. Kaya lang po April 27 na ang deadline neto, baka di na kayo umabot sa pag pasa ng mga papeles.
Madel says
Till what date po ang condotion?
iSensey says
April 27 po deadline ng SSS condonation, wala pang sinasabi ang SSS if i-extend ba nila or hindi na talaga.
Elna says
Aaaaay eto ko lang nalaman wla nba extended? Iauthorize ko sna s kapatid ko loan ko ung 2012 pero ngcheck ako last 2015 yta un nsa 20k plus n mhigit sna merun p extension kc gusto ko mgvoluntary contribution pgka mabayaran ko n ang loan ko…please email me embabe2407@gmail. Com thanks.
felipe pantinople says
good day. nakapag start na ako ng payment ng condonation dito sa saudi kaso na assign na ako sa malayo malapit na sa jordan. di ko na alam kung anong way para makabayad ng condonation ko…sa sky freight sulaimania ako nagbayad noong january…tsk
iSensey says
Ang option po is kumausap po kayo ng kapamilya na nasa Pilipinas na mapagkakatiwalaan at sa kanila mo ipapadala ang bayad at sila na ang maghulog sa branch ng SSS.
liezel rodeo says
seaman ang husband ko, nag parestructured sya ng loan sa sss, pano ako magbabayad ng loan nya eh onboard sya now?
second question, may iba pa bang form kapag nagbayad ka ng restructured loan?
Thanks
iSensey says
Punta po kayo sa SSS branch at dun mag bayad, nandun yung special form for restructured loans.
Sheena Malto says
Hi,
Pwede po ba magbayad ng SSS LRP online? If pwede, paano? Lagi kasi mahaba yung pila sa pagbabayad ng LRP. Walang time kasi may work. Please help. Thank you in advance.
iSensey says
Sa pagkakaalam po namin hindi puede online ang LRP payments.
Sheena Malto says
Sa bank pwede po ba? If pwede, anong bank? Thank you 🙂
iSensey says
Try niyo po tawag sa SSS mismo to ask if nag accept na sila ng bank payments. Pero if you will based it dun sa rules ng SSS nung pinalabas ang LRP last 2016, sa branch lang nila magbabayad kasi approved members will be using a special LRP payment form.
Sheena Malto says
Maraming Salamat!
Maria Corazon Gabutan says
Hello po ask ko lg po pag delayed po ba ng 5 days may oenalty po ba o mababalewala na yung contract sa refrustructuring program nyo po?
Ruben Ablas says
Hi. Late ko na nalaman tungkol dito sa loan restructuring program. Posible ba na bayaran muna ang principal (full/installment) then ang interest (full/installment) habang nag aantay ng approval ng extension ng program na ito?
iSensey says
Hi Ruben, regarding your query, it’s best po to go to an SSS branch para ma-assess nila concern mo and ma evaluate if puede yung payment method na iniisip mo.
Hernani Manalo says
Hello po. Is the condonation of Loan penalty still available this 2018? I just discovered today, 3 January 2018, after paying my SSS contribution as OFW, that I still have unpaid salary loan that has ballooned to 4 times due to penalties. When I resigned from my previous company, I thought I have fully paid the loan and I have not received any notice from SSS that I have existing loan way back 2006! Kindly advice. Thanks.
iSensey says
Hi Hernani, as of today January 4, 2018 SSS does not have a Loan Restructuring / Condonation Program for 2018. If there will be a new one this year, iSensey will share info right away.
niquiel abela says
Good day,
How and where can I pay the RL2 due? I thought I already fully paid my RL1 not until SSS sent a letter that I still have to pay Php 0.42 which is now under RL2. Can I pay it thru any bayad center? Thanks
Genny says
Hi, Banks and payment centre’s no longer accept SSS payments. Where can I pay my restructured loan? Tnx.
Cj Molde says
I have applied RL1 and i chose to pay it for 12 months my first amortization is on February and last is on January. My question is what if I will be paying it in full tomorrow can i be able to loan on after 6 months since I have paid it within the month?
Please help thanks
Darlene Evangelista says
Sa office lang ba ng sss pwede magbayad ng LRP?