The Social Security System is offering housing loan for Overseas Filipino Workers. It is one of the shelter program of the government aiming to provide low-cost and socialized housing to OFWs. If you’re interested about this program, read on.
Who Qualifies for the Housing Loan
- An OFW must be a certified member of SSS
- Must contribute at last 36 monthly premium and 24 continuous contributions prior of filing application
- The member is not yet a senior citizen and must be insurable
- The member has not been granted SSS housing loan in the previous years
- Both the borrower and the spouse is updated in paying other SS loans
SSS Housing Loan Requirements
Just like applying for any housing loan, the borrower is also required to secure and submit the necessary requirements including the following:
- The borrower should secure the original copy of the following documents:
- Application for OFW housing loan and 1×1 ID photos of Principal applicant and her or his spouse
- Certificate of Loan Eligibility
- Certification from POEA/OWWA/DOLE/SSS or Philippine Consular Office or embassy
- Contract to Sell or Deed of Sale stating the latest balance for purchase of house and lot or lot
- Appraisal Report from accredited appraisal companies
- Certificate of Acceptance and Occupancy
- Notarized Special Power of Attorney
- Original and photocopy of the following documents:
- Updated Employer’s certification authenticated by the Philippine Consulate and updated Contract of employment
- Owner’s copy of CCT/OCT/TCT
- Certified true copy of CCT/OCT/TCT issued by Register of Deeds
- Latest realty tax receipt and property tax declaration
The borrower will also be required to provide other pertinent documents including:
- Blue print of the lot plan signed by a registered Geodetic Engineer or Surveyor
- Blue print of building plans/picture of the house/specifications
- Subdivision plan or tax mapping
- 12 postdated cheques covering 12 monthly installments
- Affidavit of Undertaking to pay the monthly SSS Premium until the housing loan is fully paid
The OFW borrower can apply for maximum loan amount of P2,000,000.00 but may also varies depending on the appraised value and the capability of the borrower to pay.
Read Also: PAG-IBIG Multi-Purpose Salary Loan
The OFW housing loan is payable from 5 to 15 years. However, the age of the borrower during the loan maturity should not exceed 65 years old. Likewise, the loan term should be within the discretion of the SSS appraiser.
The interest rate is:
- For P450,000.00 loan amount, the interest rate is 8% per annum
- For up to P1,000,000.00 the interest rate is 9% per annum
The principal borrower can use collateral such as Original certificate of Title/Transfer Certificate Title. The SSS also accepts other residential properties to secure the loan. The OFW borrower can repay the loan through electronic bills payment options or bank transfer.