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How to Avail the Government Funded SSS Educational Loan

August 27, 2017 By proudbrown

Being educated is the key to achieve a better future. But, not everyone is given the opportunity to enroll due to the high cost of education particularly in college level.

There are many ways to find financial assistance such as applying for scholarship grants. However, not all students are qualified for scholarship. Another way is to become a working student, but it’s quiet difficult to work and study at the same time. That’s why the last option that students seek is to apply for educational loan.

Fortunately, there are government-assisted education loans that help students in their school expenses. The SSS Education Loan is one of those options that students can avail.

Read: How to Avail the ASENSO Loan Program of SSS

Who can apply for SSS Education Loan?

This is one of the loan programs offered by SSS to its members or beneficiaries. Aside from the members, the spouse of the member, children, brothers, and sisters of the member can avail such loan.

Amount of loan

The amount of loan granted to applicants varies depending on the level of education.

Technical/vocational course

A member or his/her beneficiary who want to enroll in a technical/vocational course for a minimum of 2 years are qualified to avail the educational assistance. The allowed loanable amount is Php10,000 per semester, or the actual amount of the tuition fees and miscellaneous fees.

Degree course

For those applicant who will take a degree course can avail the maximum amount of Php20,000 per quarter term or semester.

This loan program is funded by the SSS and the National Government. If the loanable amount is not sufficient to cover the entire tuition and miscellaneous fees, it will be shouldered by the member or beneficiary.

Requirements for the SSS Education Loan

The applicant should secure and submit the following documents to the SSS office.

SSS ID or two government issued IDs
Completed application form
Billing/Assessment statement from the school
Proof of income or monthly salary; if the applicant is employed
Affidavit or income or Income Tax Return; if the member/applicant is voluntary paying or self-employed

The government funded amount is 0% interest, but the SSS funded has 6% annual interest. The repayment term for a degree course is 5 years and the payment schedule varies as follows;

Semestral courses – the payment schedule starts after 18 months or from the last release date of the fund.
Trimestral courses – the borrower will pay the loan after 15 months from the last release date.
Quarter term courses – the payment commences after 14 months and 15 days from the last release date.

For technical/vocational course, the loan is payable up to 3 years and starts after 15 months for trimestral courses and 18 months for semestral courses. If the member/borrower will not completely pay the educational assistance loan, the balance will be deducted from other benefit of the member.

Secure Your Retirement Invest Through the SSS PESO Fund

August 11, 2017 By proudbrown

Investing or saving your hard-earned money is a smart decision that you can benefit for your retirement. Even saving a little amount will add up into big amount that can be of great help when you’re unable to work anymore.

The SSS PESO Fund or the SSS Personal Equity and Savings Option Fund is an ideal investment vehicle that you can consider.

What is SSS PESO Fund?

Are you a member of SSS? Are you familiar with the SSS PESO Fund? It is a provident fund offered by the agency to all members who have paid regular contributions for 6 consecutive months within a year. The member must be 55 years old and have not filed for any claims prior to the enrollment for SSS PESO Fund.

Qualified enrollees are those self-employed or voluntary members, and OFWs. The applicant must be paying the amount mandated by the regular SSS program.

The good thing about this program is that the contributions are invested in an independent guaranteed instruments and is tax free. The interest rates are higher than other regular financial institutions. Sixty-five percent of the total fund is allotted for the retirement of the member and the thirty-five percent is allotted for general and medical purposes.

The percentage allotted for the retirement will earn an income generated from the 5-year Treasury yields. On the other hand, the 35% allotment will earn income from the 364-day Treasury bill rates. Another advantage of saving in SSS PESO Fund is that the member can also obtain additional earnings based from the actual performance of the fund.

A member can withdraw the savings from the fund upon his or her retirement or in case of disability. It can be withdrawn either in the form of monthly pensions or Php1,000 payments ever month, or combination of the two.

SSS Peso Fund Is a good investment?

Considering the interest rates per annum, if you’ll start at an early age you can earn huge amount during the time that you retire. This is a good option where you can put your money without worrying the risks associated to investment.

If you’re interested to invest in SSS PESO Fund, all you have to do is to visit the nearest SSS office or log in to the SSS official website.

How to Apply SSS Housing Loan for OFW – Requirements and Qualifications

June 24, 2017 By proudbrown

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.

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.