Housing Loan for Repairs and/or Improvements

  1. Loanable Amount

    The maximum loanable amount is P1,000,000.00.

    1. Appraised value of collateral of at least 70% but not to exceed 90%;
    2. Borrower's capacity to pay; and
    3. Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.

  2. Interest Rate

    The interest rate for the loan is 9 percent per annum.


    Loans with a payment term of not more than 15 years shall bear a fixed interest rate. Loans with a payment term beyond 15 years shall bear a fixed interest rate only during the first 15 years of the loan term but thereafter shall be subject to re-pricing every five years starting on the anniversary month of the 15th year.

  3. Term of the Loan

    The loan is payable in multiples of five (5) years up to a maximum of term of 20 years except for OFW which have a maximum term of 15 years. However, the loan term shall be subject to the following:

    1. The principal borrower's age shall not exceed 65 years old at the time of loan maturity; and
    2. The loan term shall not exceed the economic life of the house after repairs and/or improvements are introduced as determined by the SSS appraiser.

  4. Allowable Collateral/s

    The acceptable collateral for the loan is the Transfer Certificate of Title/Original Certificate of Title/Condominium Certificate Title (TCT/OCT/CCT) registered under the Torrens System issued by the Registry of Deeds in the name of the principal borrower and/or his spouse free from liens and encumbrances.

    The loan shall be secured by a first mortgage on the lot and house proposed to be repaired and/or improved.

    In case of loans thru the PFIs, a joint first mortgage for the SSS and the PFI is required.

    The following are not acceptable as housing loan collateral:

    1. Land type other than residential
    2. Less than 15 sq. meters floor area, in case of condominium
    3. Less than 32 sq. meters lot area
    4. Road right of way is less than 1.5 meters
    5. Free/Homestead/Misc. Sales Patent Titles

  5. Manners of Payment

    Post-dated checks (PDCs) shall be the mode of payment. Borrowers shall submit a set of 12 months PDCs representing loan amortization payments and to be replenished every year thereafter until the account is fully paid. Payments through post-dated checks shall be subject to Office Order No. 2011-028.

  6. Appraisal of Property

    For loans availed from PFIs, the PFI will appraise the property. If availed from SSS, SSS will appraise the property.

  7. Insurance

    The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance.

    The insurance premiums shall be shouldered by the borrower.

  8. Loan Fees

The borrower shall be charged a processing fee equivalent to ½ of 1% of loan amount or P500.00 whichever is higher but not to exceed P3,000.00 to be deducted from the first loan release.

Inspection fee of P500 will be charged for both within and outside Metro Manila.

For more information contact the SSS Housing and Business Loans Department, 5th Floor, SSS Main Building, East Avenue, Diliman, Quezon City or you may call telephone number 920-64-01 local 5121 to 5127 or e-mail us at member_relations@sss.gov.ph.