The Philippine government, through different agencies, offers affordable housing loans that make it possible for the working Filipino to grab the keys to their own home. Essentially, the government housing loans offered can be availed through memberships or monthly contributions.
When you think of the SSS, it’s usually the pension you’d get after retirement that you think of. SSS offers more than a monthly retirement benefit; they also provide benefits for business and housing loans. To date, they’ve given four options for housing loans that you can choose from:
This loan is specifically catered to provide low-cost housing for loyal members of workers’ organization members (WOMs). WOMs refers to DOLE, Securities and Exchange Commission, or Cooperative Development Authority-registered associations of workers in the private sector. Specifically, organizations such as trade union center, federation, national union, local/chapter or independent union as defined in Book V of the Labor Code of the Philippines.
If you are an Overseas Filipino Worker (OFW), you’re in luck as SSS has crafted a loan that is specifically for employees such as yourself. SSS pin-points for essential qualifications for this specific type of loan:
If you currently own a home but feel like it needs to undergo a huge renovation or repair ordeal, this specific option is your best bet. The house repair/improvement loan covers those who want to upgrade their home’s aesthetic value expand their home, complete a bare unit, construct gates or (steel) fences, or is looking into installing deep wells or motor pumps.
This loan isn’t just available through SSS directly, they’ve also tapped accredited participating financial institutions (PFIs) as additional options. Currently, the listed PFIs are:
(Kindly note that the list may be subject to change without official announcements from SSS)
If all the aforementioned options aren’t suited to your state, the assumption of mortgage could be the best option. The Assumption of Mortgage provides loans to existing SSS members with good standing to assume the updated principal balance of an existing SSS loan.
However, it takes more than just being a current SSS member to make the cut. SSS specifies that to be eligible you must meet the following requirements:
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