SSS Member Housing Loans For OFW- SSS housing loan is created for ofw members who are active to avail this socialized and low-cost loan program. OFW -SSS Member Housing Loan is in conjunction of the government program to support the Pabahay sa Bagong Siglo Program.
SSS Member Housing Loans For OFW – Photo credits to the rightful owner
Purpose of the housing loan
1.Construction of a new house or dwelling unit on a lot owned by the applicant free from lien/encumbrances
2. Purchase of a lot and construction thereon of a new house or dwelling unit;
3.Purchase of an existing residential unit which may be a house and lot, a condominium unit or a townhouse;
4. Purchase of an existing residential unit foreclosed by SSS, GSIS, HDMF (Pag-Ibig), HGC and other GFIs.
1. A certified overseas Filipino worker;
2. An active SSS member and has paid at least twelve (12) months continuous contributions or at least twenty-
four (24) months total contributions;
3. Not more than sixty-five (65) years old;
4. Not previously granted a housing loan by SSS, refund of contributions, retirement or total permanent disability benefit; and
5. Up-to-date in the payment of all SSS contributions and other loan amortizations.
Spouses may still qualify for another loan
One of the spouses may still qualify for another loan if the other obtained the loan, prior to date of marriage and is not delinquent.
P1,000,000.00 is the highest amount to be granted or whichever is the lowest of the amount applied for, the amount justified by the paying capacity, the loan value of the collaterals as determined by the SSS.
Socialized Housing P 300,000.00
Low-Cost-Housing P500,000.00-to- P 1,000,000.00
Term of the housing loan
OFW -SSS Member Housing Loan is payable in multiples of five (5) up to a maximum of thirty (30) years but not to exceed the economic life of the building and the difference between the age of the borrower and 70, whichever is shorter.
Up to P300,000.00 – 9% p.a. fixed for the term of the loan.
Over P300,000.00 up to P500,000.00 – 13% p.a.
Over P500,000.00 up to P1,000,000.00– 14% p.a.