|OVERVIEW||ELIGIBILITY REQUIREMENTS||HOW TO APPLY||LOAN DETAILS|
The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed.
The amortization period shall be in multiples of five (5), but shall in no case exceed:
The collateral shall be the house and lot which is the subject of the mortgage to be assumed.
The regular monthly amortization payment shall start within the first ten (10) days of the succeeding month after the account has been journalized. Prior to journalization, the applicant shall continue paying the monthly amortization for the account of the original mortgagor.
Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property.
For more information contact the SSS Housing and Business Loans Department in Quezon City with telephone number 920-64-01 local 5121 to 5127 or at email@example.com or to the SSS office nearest you.