SSS HOUSING LOAN OFW – Amount, Interest Rates, Terms, Collaterals, etc.

Planning to buy a home while you are enjoying good salary as an Overseas Filipino Worker? The Social Security System has a new housing program for OFW SSS members.

So how much can you loan from SSS for housing? How many years can you pay it? Do you need a collateral? What is the interest rate for SSS housing loan for OFWs?

These questions are answered below.

1. MAXIMUM LOAN AMOUNT

The maximum amount than can be loaned by an OFW borrower-member is 2 Million Pesos. The loan amount that you can avail of will be the lowest amount based on these 3 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:

Socialized Housing Loan – the amount of loan is P450,000.

Low-cost Housing Loan – the amount of loan can be:

• 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 (3) qualified SSS members may be tacked-in for a single loan up to the combined maximum individual availment for the loanable amount secured by the same collateral, provided they are related within the first (1st) civil degree of consanguinity or affinity.

2. TERM OF LOAN

You can pay the loan in 5, 10, or 15 years. 15 years is the maximum term for the housing loan program of SSS. However, the loan term shall be subject to the following:

• You as the principal borrower must not exceed 65 years old at the time of loan maturity.
• Your loan term shall not exceed the economic life of the building as determined by the SSS appraiser.

3. INTEREST RATE for SSS HOUSING LOAN for OFW

• Up to P450,000.00 – 8% per annum
• Over P450,000.00 up to P1,000,000.00 – 9% per annum
• Over P1,000,000.00 up to P1,500,000.00 – 10% per annum
• Over P1,500,000.00 up to P2,000,000.00 – 11% per annum

4. ALLOWABLE COLLATERALS

 The collateral for the loan is the Transfer Certificate Title (TCT) / Original Certificate of Title (OCT) / Condominium Certificate of Title (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. The loan shall also be covered by a Home Guaranty Corporation or HGC guaranty.

If you will use the loan to purchase a residential condominium unit prior to actual construction or what is called pre-selling, other residential property acceptable to SSS shall be submitted as collateral to secure the loan.

Please take note that these are not accepted as collateral:

• Land type other than residential.
• Less than 15 sq. meters floor area, in case of condominium units
• Less than 32 sq. meters lot area
• Road right of way is less than 1.5 meters
• Free / Homestead / Miscellaneous Sales Patent Titles

5. Insurance Coverage

• Mortgage Redemption Insurance
• Fire Insurance
• Home Guaranty Corporation Coverage

You as the housing loan borrower will shoulder the insurance premium.

6. Mode of Payment for Housing Loan

Refer to this list of Overseas Payment Centers (For OFWs)

• PNB electronic overseas bills payment
• BDO Remit Services
• RCBC Telepay Service
• BOC Remittance tie-ups
• AUB Ginto Hatid Express
• i-Remit online branches
• Ventaja online outlets
• WDS-Lucky Money online branches
• Metrobank online banking, branches, and subsidiaries
• Bancnet online payments
• Branches or remittance tie-ups of accredited collecting banks

For other info, read these posts:

SSS Housing Loan Eligibility Requirements

Required Documents and Papers to Process SSS Housing Loan for OFW

SHARE this Loan opportunity to other OFWs!

For more info about the OFW housing loan program of SSS, you can visit the SSS Housing and Business Loans Department with address at 5th Floor, SSS Main Building, East Avenue, Diliman, Quezon City. You can also call them at contact number (02) 920 6401 local 5121 to 5127. You can also email SSS for queries at member_relations@sss.gov.ph.