sss housing loan

With this repayment scheme, you can control the interest rate you get depending on how much you will deposit. However, you must also meet the VISA requirement and would have to submit an Alien Certificate of Registration. An exception will only be made if a company would insure you beyond 65 years of age. This loan is applicable for members below 60 years old. There is also a processing fee of 1,000php that you need to pay along with your requirements. For banks, it is a crucial criterion to approve your housing loan. This website aims to provide searchable and easy to understand information related SSS Membership and Benefits. You may choose between two types of housing loans which are conventional and flexible. However, you can get a lesser loan amount if you are looking into buying with projects outside Metro Manila. We only intend to provide helpful tutorials and information to help SSS members. The lender of your choice may also base your ability to pay off the loan on the number of people depending on your income. Those with employment contracts which are awaiting renewal/deployment; however, release of loan shall be made upon renewal/deployment. Special Power of Attorney (if filing is thru a representative) (original). The bank you chose or Pag-IBIG will evaluate both of you according to your gross family income. How to invest on SSS Foreclosed Properties? Contract to Sell with statement of latest balance (Original). There are also cases where you will be denied a housing loan. Privacy Policy, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window). Related: SSS Pension loan made Easier! Lastly, Pag-IBIG can approve loans in 17 days. There are different terms and interest rates with regards to housing loans. E. Stability and continuity of occupation. The bank or Pag-IBIG might ask you to submit more requirements though, like information regarding your taxes, your profits, income, business permits and other important documents. Overseas Filipino Workers (OFW) who want to purchase a house for themselves, for their extended families, or do some improvement on their house may avail of the Direct Housing Loan Facility from SSS. Present original and submit one (1) photocopy for authentication purposes. Member not more than 60 years old at the time of application and must be insurable. 1. By definition, a housing loan is basically just a financing facility that provides funding. Major repairs, particularly for dilapidated and structurally unsafe housing units; Extension or expansion and enhancement of economic and aesthetic value of an existing housing unit. Chinabank takes 7-10 days, and RCBC, PNB, Unionbank takes 10 days. Banks would be more inclined to look into your credit standing and income stability before granting you a loan since you would be paying for it for a number of years. housing loan, loan april 25, 2020 How to Apply for SSS Housing Loan for OFW 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. On the other hand, variable-rate term would vary depending on the changing market interest rates. If existing housing loan is restructured, a copy of the Supplemental Mortgage Contract shall be submitted. If such is the case, both you and the co-borrower will need to undergo the standard loan application evaluation process. Age of member is not more than 60 years old at the time of application. Confirmation of Completion and Appraisal from Home Guaranty Corporation located at Jade Bldg., 335 Sen. Gil Puyat Avenue, Makati City with tel. no. It shall also be covered by an HGC guaranty. Lot Plan with vicinity map duly signed and sealed by Registered Surveyor or Geodetic Engineer (Blue Print). 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.

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