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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Here is a checklist of the requirements and qualifications that SSS provided for potential loaners:
These are the accepted conditions in order to be considered as an OFW:
OFWs are eligible for an SSS housing loan when they meet all these requirements:
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:
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.
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.
These documents must be submitted upon application:
Look for the nearest SSS office or foreign representative office or the Real Estate Department, 5/F, SSS Bldg., East Avenue, Quezon City).
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how to apply for sss salary loan of OFW
Good day po,
itanong ko lang po kung ano ang pweding gawin kc nag apply po ako ng SMB pero rejected po kc daw hindi magkatugma yong pangan sa mga documents na nasubmit ko,
My status po kase is currently married po pero separated na po kami 9yrs ago pa po and may kanya kanya na po kaming pamilya ng ex husband, hindi pa po annulled ang marriage namin kya until now yong apelido parin po nya ang gamit ko sa sss since un na po ung naregister. Nagsubmit po ako ng certificate of live birth ng baby ko pero iba po ang apelido kase po iba yong father, i mean apelido po ng current partner ko kc xa po ang ama. Ginamit ko din po yong apelido ko sa pagka dalaga dun sa birthcertificate ni baby para po hindi yong apelido ni ex husband ang mailagay na middle initial nya.
Ano po ba ang need gawin to fix this para po hindi ma reject ulit yong MBA ko?