Filipinos seize work opportunities abroad in the hope that they can double their income and be able to provide handsomely for their loved ones in the Philippines. Foremost in an Overseas Filipino Worker’s agenda is to purchase a house and lot, a family vehicle, and secure their children’s educational funds. The Philippine government has consistently provided ways and means to help OFWs realize their goals. One such support is by providing socialized and low-cost housing through the Social Security System (SSS).
You will be surprised to know that the SSS offers a maximum housing loan amount of Php 2,000,000.00, and may be shared among three qualified SSS members, related within the first civil degree of consanguinity or affinity. This means that if both husband and wife are OFWs, they can apply for a joint housing loan and share in the amortization.
For everybody’s information, we have summarized the list of requirements and procedures when applying for an SSS OFW Housing Loan. You may also visit the SSS website at www.sss.gov.ph for more information regarding this loan offer.
Who are Eligible Borrowers?
OFW Member is qualified to borrow if he meets the following eligibility requirements:
- Member is a certified Overseas Filipino Worker;
- Member is a voluntary OFW member of SSS;
- Member has at least 36 months contribution and 24 continuous contributions in the period prior to application;
- Member is not more than 60 years old at the time of application and must be insurable. Members aged 60 years at time of application will have a maximum loan term of 5 years;
- Member was not previously granted an SSS housing loan;
- Member has not been granted final SSS benefits;
- Borrower and spouse is updated in the payment of their SSS loan(s), if any.
The spouses of an existing borrower may still qualify for an SSS housing loan if the loan of the existing borrower was obtained prior to the date of marriage and the loan is not delinquent.
What are the Loan Purposes?
The allowable purposes for a loan are as follows:
- Construction of a new house or dwelling unit on a lot owned by the applicant free from lien/encumbrances;
- Purchase of a lot and construction thereon of a new house or dwelling unit; and
- Purchase of an existing residential unit which may be a house and lot, a condominium unit, or a townhouse.
The property subject of the loan must be occupied by the owner-borrower or his/her immediate family member upon purchase of the unit.
What are the Requirements and Procedures?
The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F SSS Building, East Avenue, Quezon City.
The following documents should be submitted upon filing of application:
- Original copy of the following:
- Mortgagor’s Application for Housing Loan with 1”x1” ID pictures of Principal Applicant and Spouse;
- Certificate of Loan Eligibility (CLE) and P100 service fee;
- Certification from POEA / DOLE / OWWA / SSS Foreign Representative Office or Philippine Embassy / Consular Office
- Deed of Sale or Contract to Sell with statement of latest balance for purchase of lot or house and lot;
- Appraisal Report from Home Guaranty Corporation accredited appraisal companies;
- Certificate of Acceptance and Occupancy duly signed by the borrower if house is 100% complete at the time of loan filing;
- Duly notarized Special Power of Attorney (if filing is through a representative).
2. Original and Photocopy of the following:
- Latest Contract of Employment and latest Employer’s Certification duly authenticated by Philippine Consulate;
- Owner’s copy of the TCT / OCT / CCT;
- Certified true copy of TCT / OCT / CCT issued by the Register of Deeds;
- Latest Property Tax Declaration and Realty Tax Receipt.
3. Other documents:
- 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);
- A set of twelve postdated checks covering twelve monthly installments and shall be repeated every twelve months thereafter until the loan is fully paid.
- Tax Mapping / Subdivision Plan
- Affidavit of Undertaking to continue paying monthly SSS premium contributions for the duration of housing loan.
- Present original and submit one (1) photocopy of required documents for authentication purposes;
- Applicant and spouse must be up-to-date in the payment of all existing loan accounts with SSS subject to verification by the SSS;
- SSS reserves the right to require additional documents if deemed necessary;
- Application Fee – ½ of 1% of loan amount or P500 whichever is higher but to exceed P3,000.00 to be deducted from the first loan release;
- Inspection Fee – P500 for both within and outside Metro Manila.