The loan comes with an initial mortgage on the land and the real estate guarantee that needs to be repaired and/or improved. Any cancellation of unpaid credit must be accompanied by a fine of 1.5% for each month of delay. If Mortgagor does not pay at least six (6) monthly depreciations, the SSS can immediately close the mortgaged property. If the purpose of the loan is to purchase a home prior to construction proper (pre-sale), other residential real estate acceptable to the SSS must be provided as collateral to secure the loan. Loans with a payment period of no more than 15 years are valued at a fixed interest rate. Loans with a payment period of more than 15 years are valued at a fixed interest rate only for the first 15 years of the loan term, and then re-evaluated every five years from the anniversary month of the 15th year. For loans granted through the PFI, a first joint mortgage is required for SSS and PFI. The interest rate on the loan is 9 per cent per annum. The loan is payable in several times of five (5) years up to a maximum term of 20 years, with the exception of the OFW, which has a maximum term of 15 years.
However, the term of the loan is as follows: The eligible guarantee for an SSS home loan is the property covered by a property certificate entitled/original title/title condominium certificate (TCT/OCT/CCT) issued without any pledge or charge, issued by the register of deeds on behalf of the principal borrower. The loan must be secured by collateral acceptable to both PFI and SSS, provided the loan is fully secured. Note: The employer files a type signature card (SS L-501 form) updated each year to avoid delays in processing credit applications. The housing credit account should be covered by mortgage and fire insurance. The maximum loanable amount is P2,000,000, but must not exceed the discounted credit balance of the accepted account. A processing fee equal to 1/2 of the loan amount or P500.00 is charged to the borrower, depending on the increase, but no more than 3,000.00 P3,000.00, which will be deducted from the first release of the loan. The loan is payable in several times of five (5) years, up to a maximum of thirty (30) years. The maximum loanable amount is P2,000,000.00. The amount of the loan granted is the lowest amount, which is based on the following: a borrower can apply for a wage loan from the branch closest to the place of residence or business. A member registered with My.SSS can apply for salary credit online.
The wage loan deposited online by a salaried member is transferred to the employer`s My.SSS account for certification, which is why the employer should also have an SSS web account. However, the term of the loan is subject to the following: The loan is secured by a first real estate mortgage (REM) on the house to be financed and the land to be financed. The REM must be commented on the member borrower`s TCT/OCT/CCT and registered with the register of relevant acts. The loan is also covered by an HGC guarantee. In the event of default, late/unpaid loans are deducted from the benefits used by the member, depending on what happens in the first place, as follows; A member and borrower who transfer the job submits to their new employer an updated invoice for all outstanding loans to SSS and allows the employer to deduct the corresponding amortization from his salary, including any interest/penalties for late transfers.