Owning your dream house can now finally come true with the help of the SSS Direct Housing Loan for OFWs. In this SSS program, many Overseas Filipino Workers will definitely get benefited. Read more below to see how to process and what are those required documents.
If you are hoping to buy or build a home for your family, then this is your chance. As long as you meet the requirements then you can take advantage of the opportunity to avail of a home loan worth Php 450,000 to Php 2 million.
SSS Direct Housing Loan Requirements
First and foremost, you have to be certified Overseas Filipino Worker (OFW) and a voluntary OFW member of SSS. It is also required that you have at least 36 months of contribution with 24 continuous contributions prior to your application.
You should not be over 60 years of age at the time of application and should likewise be insurable. On the other hand, applicants who are 60 years old at the time of application will only be able to avail of a 5-year maximum loan term.
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Additionally, you should also have not been previously granted either an SSS housing loan or the final SSS benefits. You and your spouse should be updated as well if you are paying any other type of SSS loan.
How to process SSS Direct Housing Loan Program
If you think you meet the requirements mentioned above, then you will need to submit original copies of the following documents:
- Mortgagor’s Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse
- Certificate of Loan Eligibility (CLE) – (P100 Service Fee)
- Certification from POEA/DOLE/OWWA/ SSS Foreign Representative Office or Philippine Embassy/Consular Office
- Deed of Sale or Contract to Sell with statement of latest balance for purchase of lot or house and lot
- Appraisal Report from Home Guaranty Corporation accredited appraisal companies
- Certificate of Acceptance and Occupancy duly signed by the borrower if house is 100% complete at the time of loan filing
- Duly notarized Special Power of Attorney (if filing is through a representative)
- Original and Photocopy of the following:
- Latest Contract of Employment and latest Employer’s Certification duly authenticated by Phil. Consulate
- Owner’s copy of the TCT/OCT/CCT
- Certified true copy of TCT/OCT/CCT issued by the Register of Deeds
- Latest Property Tax Declaration and Realty Tax Receipt
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- Lot plan with vicinity map duly signed and sealed by Registered Surveyor or Geodetic Engineer (Blue Print)
- Building plans/specifications/picture of the house (Blue Print)
- A set of twelve (12) postdated checks covering twelve (12) monthly installments and shall be repeated every twelve (12) months thereafter until the loan is fully paid
- Tax Mapping/Subdivision Plan
- Affidavit of Undertaking to continue paying monthly SSS premium contributions for the duration of housing loan
For further details, you may get in touch with your local SSS office or check out the (Social Security System) SSS official website.