How to Apply for SSS Housing Loan

The housing market has become more and more inhospitable these days due to the worsening economic situation, which has resulted in gradually decreasing social mobility.

However, people still have dreams of buying their own dream homes, and there is definitely nothing wrong with that.

With that said, prospective home buyers should be aware of the options available to them to make the process of buying and owning their own home possible.

Why SSS Housing Loan

The SSS Housing Loan can be your ticket to owning and/or building your dream home by helping to ease the burden through shouldering a large chunk of the cost or even all of it through loaned money.

You can then gradually pay the loan off over the years while being able to reside comfortably in your own home.

As long as you are able to earn a comfortable living and pay off the loan at the same time, then the SSS Housing Loan is a pretty good idea.

Requirements for SSS Housing Loan Application

When applying for an SSS Housing Loan, you will have to submit a fair number of documents such as:

  • The Mortgagor’s Application Loan (with 1×1-inch ID pictures),
  • Certificate of Loan Eligibility, Latest Contract of Employment,
  • Contract to Sell (with latest balance statement),
  • An original or transfer copy of the Certificate of Title,
  • Lot plan/blueprint of the house,
  • Confirmation of Completion and Appraisal from Home Guaranty Corporation,
  • 12 postdated checks covering 12 monthly installments for paying off the loan,
  • Certificate of Acceptance and Occupancy,
  • Special Power of Attorney, and
  • Certified True Copy of the Original Transfer Certificate Title issued by the Registry of Deeds


SSS Housing Loan Forms

There are 4 different forms of SSS Housing Loans, namely:

  • Direct Housing Loan Facility for Workers’ Organization Members (WOMs),
  • Direct Housing Loan Facility for Overseas Filipino Workers (OFWs),
  • Housing Loan for Repairs or Improvements, and
  • The Assumption of Mortgage.

Their titles are fairly self-explanatory and they show just how broad the SSS Housing Loan touches upon people’s needs when it comes to their quest for housing.

The first two are full housing loans for people looking to own their own house.

The Direct Housing Loan Facility for WOMs is meant to provide socialized and/or low-cost housing for workers who happen to be members of SSS-accredited workers’ organizations.

Meanwhile, the Direct Housing Loan Facility for OFWs make it easier for Filipinos who choose to work in other countries to end up owning a house back in the Philippines through an SSS Housing Loan.

The third one is for those who do have a home, but need to repair or renovate it to improve living conditions.

When repair or renovation jobs are too big for a small budget, especially when workers have to be hired to do them, then the Housing Loan for Repairs or Improvements can be called upon to shoulder immediate material and/or labor costs to do those repairs.

It even covers the construction of concrete fences or steel gates and installation of deep wells and motor pumps.

This loan most likely won’t be as big as that of a direct housing loan unless it is a very extensive renovation job, which is why it is in a separate category.

The Assumption of Mortgage may require some explanation for most people as it is the least self-explanatory. It is a lending program meant for SSS members in good standing to assume the updated principal balance on an existing SSS Housing Loan.

It is basically the conveyance of an existing mortgage to someone who wishes to buy your financed property.

For instance, imagine that you have a 30-year loan of P1,000,000 against your house and someone wants to buy it for P1,000,000 and keep the same mortgage so he does not have to go through applying for a new loan.

When the mortgage is assumed, in case you do want to sell the house now, that buyer can pay for equity and assume the P1,000,000 mortgage and he then becomes liable for that debt.

Click here to read: Where to Find Affordable Houses for Sale in the Philippines.

Click here to read: How to Apply for SSS Salary Loan

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