|OVERVIEW||ELIGIBILITY REQUIREMENTS||HOW TO APPLY||LOAN DETAILS|
The maximum loanable amount is P1,000,000.00.
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.
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:
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:
The housing loan account should be covered by a Mortgage Redemption Insurance and Fire Insurance.
The insurance premiums shall be shouldered by the borrower.
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 email@example.com.