Fixed-Term Credit Facility
| OVERVIEW | ELIGIBILITY REQUIREMENTS | HOW TO APPLY | LOAN DETAILS |
LOANABLE AMOUNT
The loanable amount is the sub-limit of omnibus credit line (OCL) but should not exceed 80% of approved OCL of PFIs (net of availments).
INTEREST RATE
The interest rate of the loan shall be the prevailing fixed rate.
TERM OF THE LOAN
The loan shall be payable quarterly, semi-annually or annually and shall have a minimum term of five (5) years up to fifteen (15) years inclusive of a maximum five (5) years grace period on principal payment.
Loan with a term of more than fifteen (15) years up to twenty-five (25) may be allowed for special projects.
ACCEPTABLE COLLATERALS
The loan shall be secured by any collateral acceptable both to the PFIs and SSS or subject to the following:
PFIs Acceptable Collateral/s Loan Amount SSS Depository Banks Partially Secured Up to Php1.5 B or 80% of OCL?s Sub-Limit Fully Secured Up to the extent of the balance of the approved OCL UBs/KBs and its affiliate leasing companies and Thrift Banks Fully Secured Up to the extent of the balance of the approved OCL PRE-TERMINATION FEE
A pre-termination fee of one half of one percent (½ of 1%) percent of the loan shall be charged in case of pre-payment of loan within the first five (5) years.
MANNER OF AVAILMENT/RELEASES
The manner of availment/releases shall be in batches of not less than Php10.0 million. The SSS shall release the loan through Real time Gross Settlement (RTGS) or through direct transfer of fund to the PFis depository bank which should be an SSS depository bank.
PENALTY FEE
Any principal and/or interest not paid on due date shall bear an additional interest at the rate of one and one-half (1½%) percent per month computed from due date until fully paid.
For more information, please visit the Housing and Business Loans Department, 5th Floor, SSS Main Building, East Ave., Diliman Quezon City or you may call telephone number 920-6401 local 5115 or 5129, or e-mail us at desilvamt@sss.gov.ph or carandangao@sss.gov.ph.