Social Security System (SSS) offers a housing loan for Overseas Filipino Workers (OFW) for you to be able to construct a new house on a lot owned by the applicant that is free from lien or encumbrance; or to purchase an existing residential unit, which may be a house and lot, a condominium, or a townhouse. For SSS Members working inside the country, you are limited to Salary loans and home improvement loans through SSS or look for housing loans thru Pag-IBIG or any bank offering a housing loan.

to start building the house you have always wanted. It is called the Direct Housing Loan Facility for Overseas Filipino Workers intended to support the government’s Pabahay sa Bagong Siglo Program that aims to provide socialized and low-cost housing to workers abroad. If you are working inside the country, you are limited to salary loans and home improvement loans through SSS. For people who are in the country and looking for a housing loan, you can go to Pag-IBIG or any bank that proposes the said loan.

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Purpose of the Loan

• To construct a new house on a lot owned by the applicant that is free from lien or encumbrance;
• To purchase an existing residential unit, which may be a house and lot, a condominium, or a townhouse; and

Here is a checklist of the requirements and qualifications that SSS provided for potential loaners:

Who are considered Overseas Filipino Workers (OFW)?

These are the accepted conditions in order to be considered as an OFW:

• Currently deployed with a contract processed through the POEA or authenticated by the Embassy abroad.
• Those with employment contracts which are awaiting renewal/deployment; however, release of loan shall be made upon renewal/deployment.
• Citizens or immigrants of foreign countries but are interested in buying housing units for their families who are still in the country.
• Long-term resident overseas Filipinos who wish to avail of housing packages either for themselves when they retire or when they visit the Philippines and/or for their extended families.

Who are qualified for SSS Housing Loan?

OFWs are eligible for an SSS housing loan when they meet all these requirements:

• Certified OFWs
• SSS voluntary OFW members
• Age 60 and below
• At least 36 posted monthly contributions and 24 consecutive contributions before the loan application date
• SSS members with no previously granted SSS housing loan or final SSS benefits
• Updated repayments of other existing SSS loans, if any

Loan Terms and Allowable Amount

SSS President Emilio de Quiros Jr. stated that members can now borrow up to P2,000,000. The new set of interest rates is as follows:

• 8% per anum for loans up to 450,000
• 9%  per anum for loans over 450,000 to 1million
• 10% per anum for loans P1,000,001 to 1.5 million
• 11% per anum for loans P1,500,001 to P2 million

The interest rates depends upon the appraisal and the loan is payable in multiples of five (5) up to a maximum of 15 years for OFWs but for borrowers aged 60 at the time of application will have a maximum loan term of five (5) years. 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 1st civil degree of consanguinity or affinity.

Does the housing loan require a collateral?

The Transfer Certificate Title, Original Certificate of Title, or Condominium Certificate of Title in the borrower’s name serves as the collateral for the loan. If a condo is in the pre-selling phase, another residential property has to be submitted as collateral. The loan shall be secured by a first Real Estate Mortgage on the house and lot to be financed. The REM shall be annotated on the member-buyer’s TCT and shall be registered with the appropriate Registry of Deeds. It shall also be covered by an HGC guaranty.

How to apply for an SSS Housing Loan?

These documents must be submitted upon application:

• Mortgagor’s Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse (Original).
• Certificate of Loan Eligibility (Original) – (P100 Service Fee).
• Certification from POEA, DOLE, OWWA, SSS Foreign Representative Office or Philippine Embassy/Consular Office (Original).
• Latest Contract of Employment (Photocopy notarized).
• Contract to Sell with statement of latest balance (Original).
• Owner’s copy of the Original/Transfer Certificate of Title (Certified True Copy).
• Latest Property Tax Declaration and Realty Tax receipt (Photocopy).
• Lot Plan with vicinity map duly signed and sealed by Registered Surveyor or Geodetic Engineer (Blue Print).
• Building plans/specifications/picture of the house (Blue Print).
• Confirmation of Completion and Appraisal from Home Guaranty Corporation located at Jade Bldg., 335 Sen. Gil Puyat Avenue, Makati City with tel. no. 895-90-11 (Original).
• A set of twelve (12) postdated checks covering twelve (12) monthly installments and shall be repeated every 12 months thereafter until the loan is fully paid.
• Certificate of Acceptance and Occupancy duly signed by the borrower if house is 100% complete at the time of loan filing (original).
• Special Power of Attorney (if filing is thru a representative) (original).
• Certified True Copy of the Original Transfer Certificate Title issued by the Registry of Deeds.

Note:

• Present original and submit one (1) photocopy for authentication purposes.
• Applicant must be up-to-date in all existing loan accounts with SSS subject to verification by SSS-Real Estate Department.
• SSS reserves the right to require additional documents if deemed necessary.
• Application Fee – ½ of 1% of loan amount or P500 whichever is higher, for both socialized and low-cost housing.
• Inspection Fee – P500 for both within and outside Metro Manila.

Where to file the SSS Housing Loan application?

Look for the nearest SSS office or foreign representative office or the Real Estate Department, 5/F, SSS Bldg., East Avenue, Quezon City).