Buying a residential home through Housing Loan Program is considered as wise financial investment. Having said that, it takes substantial consideration as well as cautious budgetary preparation prior to this kind of financial option. In case having a goal-oriented property plan is an important part of your monetary objective, then simply you are going to keep asking regardless if you could suit your budget on your regular salary as well as personal savings. You should opt to ask for advice from the SSS Home adviser to find out if you are able to pay as well as considering full interest for every property financial loan deal.
Almost everyone undertakes a housing loan through a financial organization like SSS that provides diverse financial loan offers to accommodate the requirements of various customers. The best thing that you can do is to assess bank rates and get a loan according to its offers, charges and fees along with the service quality made available by the financial organization.
What is this Individual Housing Loan Program?
It is a program for all members of the Social Security System established to offer funds through SSS-accredited participating financial institutions (PFIs).
Eligible purpose of the loan
1. Build a new house or dwelling unit on a lot owned by the applicant.
2. Buy a lot and construction thereon of a new house or dwelling unit.
3. Procure an existing residential unit which may be a house and lot, a condominium unit or a townhouse.
4. Purchase an existing residential unit foreclosed by SSS, GSIS, HDMF (Pag-Ibig), HGC and other GFIs.
Borrowers under the loan program
1. An active SSS member and has paid at least twelve (12) months continuous contributions or at least twenty-four (24) months total contributions;
2. Not more than 65 years old.
3. Don’t have a housing loan by the SSS, either directly or through conduit institutions, refund of contributions, retirement or total permanent disability benefit.
4. Up-to-date in the payment of all SSS contributions and other loan amortizations.
5. If he is still working, his employer must be up-to-date in the payment of monthly contributions and loan remittances.
Tentative amount of the loan
The highest loanable amount is P1, 000,000.00.
Terms of the loan
The loan is to be paid in multiples of five up to a maximum of thirty years, but, not to exceed the economic life of the house, and, the difference between the age of the applicant and seventy.
Interest rate of the loan
1. Up to P300, 000.00 – 9% p.a. fixed for the term of the loan.
2. Over P300, 000.00 up to P500, 000.00 – 13% p.a. subject to review every five years.
3. Over P500, 000.00 up to P1, 000,000.00– 14% p.a. subject to review every five years.
This information is lifted from SSS Website. If you have questions, don’t hesitate to inquire or visit SSS Foreign Offices.
Did you find this article helpful? If so, please let others know.