What are the available loans in SSS?
The maximum loanable amount is P2,000,000.00. The loan amount granted is the lowest amount based on the following factors: Appraised value of collateral of at least 70% but not to exceed 90%. Borrower’s capacity to pay….Loanable Amount.
| Housing Loan Type | Amount of Loan |
|---|---|
| Socialized Housing Loan | Up to P450,000.00 |
How much can you contribute to avail SSS loan?
36
For a one-month loan, the member-borrower must have thirty six (36) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
How is SSS loanable amount calculated?
LOAN AMOUNT A two-month salary loan is equivalent to twice the average of the member-borrower’s latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower.
How will I know if I qualify for SSS loan?
Eligible Borrowers Member must be a member of the SSS; Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application. Member not more than 60 years old at the time of application and must be insurable.
Can I have 2 loans in SSS?
You can only apply for another salary loan when you have paid at least 50% of the principal or at least half of the term has lapsed. For instance, if you get approved for a PHP 15,000 loan, you can only apply again when your remaining balance is PHP 7,500 or after one year of paying.
How many days is the disbursement of SSS salary loan?
The loan proceeds shall be available to member-borrower’s account within three (3) to five (5) working days from approval date of the loan. The salary loan proceed is accessible through any Megalink, Bancnet and Expressnet Automated Machines.
Can I loan in SSS without work?
SSS allows you to apply for a cash loan as long as you are currently employed or currently paying as a self-employed or voluntary member. In a way, it falls under the category of salary loans because only employed contributors or similarly eligible contributors are able to avail of it.
What will happen if I stop paying my SSS contribution?
pay all unpaid contributions plus a penalty of three percent per month; and. be held liable for a criminal offense punishable by fine and/or imprisonment.
Can I pay my SSS loan in full?
Can I pay my SSS loan in full? Yes. To pay your remaining loan balance in full, log in to the SSS member portal and click “RTPL PRN” on the main menu.
How much is the maximum salary loan in SSS 2021?
The maximum loanable amount is P1,000,000.00. Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.
How much is the first loan in SSS for voluntary?
Another simple computation to look at would be, if you have posted 36 monthly contributions, of which six has been within the last 12 months before submitting your application, you can loan up to PHP 15,000 or a one-month salary loan. This is also the usual amount that first-time borrowers can receive (minus taxes).
What is the housing loan for repairs and/or improvements program?
The Housing Loan for Repairs and/or Improvements is a lending program of the Social Security System (SSS) available either directly from the SSS or thru its accredited participating financial institutions (PFIs).
Who can apply for an SSS loan?
The borrower must be a member of SSS who has at least 36 months contributions and 24 continuous contributions in the period prior to application. Age of member is not more than 60 years old at the time of application. Member was not previously granted a repair and/or improvement loan by the SSS or NHMFC.
What is the Philippine social security system housing loan?
The Philippine Social Security System (SSS) o Paseguruhan ng Kapanatagang Panlipunan) offers Housing Loan for Repairs and/or Improvements to qualified members.
What are the requirements for SSS loan through PFI?
In case of loans thru the PFIs, a joint first mortgage for the SSS and the PFI is required. The lot must have a clean title and registered under the Torrens System in the name of the borrower and/or his spouse.