SSS Contribution Schedule and Payment Deadline

Rate of Contributions to SSS

The monthly contributions are based on the compensation of members ( Please see table below). The current SSS contribution rate is 11% of the monthly salary credit not exceeding P16,000 and this is being shared by the employer (7.37%) and the employee (3.63%).

Pag-IBIG Fund cuts processing time on housing loan

Press Release

Pag-IBIG Fund housing loan applicants can now get their loan approval in just 17 days from date of submission of complete requirements and the proceeds of the loan in just 3 days after post-approval compliance. 

Pag-IBIG Fund made this commitment after it enhanced its procedure for housing loan transactions, effectively cutting the processing time from 27 days to 20 days from application to release of proceeds, and reducing the number of requirements from 14 to 7 documents. 

SSS Assumption of Housing Loan Mortgage

OVERVIEW

Assumption of Mortgage is a lending program of the Social Security System (SSS) allowing a member in good standing to assume the updated principal balance of an existing SSS housing loan.

ELIGIBILITY REQUIREMENTS

a. Eligible Borrowers

The principal applicant must have the following qualifications:

1. The borrower must be a member of SSS who has at least 36 months contribution and 24 continuous contributions in a period prior to application
2. Is not more than 60 years old at the time of application.
3. He was not previously granted an SSS housing loan
4. He has not been granted final SSS benefits
5. Borrower and spouse is current in the payment of their other SSS loan(s), if any

SSS Direct Housing Loan Facility for OFWs

OVERVIEW

The Direct Housing Loan Facility for Overseas Filipino Workers (OFW) is designed to support the Government's shelter program, which aims to provide socialized and low-cost housing to overseas Filipino contract workers.

An OFW is a private sector worker who is:

a. Currently deployed with a contract processed through the POEA or authenticated by the Embassy abroad

b. With employment contracts which are awaiting renewal/deployment; however, release of loan shall be made upon renewal/employment

c. A Filipino national but who is now a citizen or immigrant of a foreign countries but is interested in buying a housing unit for his family who is still in the country

d. A long-term resident overseas Filipinos who wish to avail of housing packages either for themselves when they retire or when they visit the Philippines and/or for their extended families

SSS Direct Housing Loan Facility for Workers' Organization Members

Overview

The Direct Housing Loan Facility for Workers' Organization Members (WOMs) aims to provide socialized and low-cost housing to workers who are bonafide members of duly registered and accredited workers' organizations.

WOMs refer to any association of workers in the private sector duly registered with the DOLE, the Securities and Exchange Commission, or the Cooperative Development Authority. It shall include any trade union center, federation, national union, local/chapter or independent union as defined in Book V of the Labor Code.

FAQ’s in Pag-ibig Affordable Housing Program

1. What are the loan purposes?

The Pag-IBIG housing loan may be used to finance any one of the following:

•  Purchase of a fully developed residential lot or adjoining lots not exceeding 1,000 square meters;
• Purchase of a residential house and lot, townhouse, or condominium unit;
• Construction or completion of a residential unit on a lot owned by the member.

Pag-ibig Housing Loan Availment

HOUSING LOAN AVAILMENT

Two (2) modes of applying for a Pag-IBIG housing loan: 

(a) Developer-Assisted - the developer assists the member in his/her housing loan application and 

(b) Retail - the member applies directly to the Fund.

Pag-Ibig Housing Loan (Basic and Required Documents)

BASIC REQUIREMENTS (UPON LOAN APPLICATION)

1. Housing Loan Application with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF-068/069)

2. Proof of Income

Pag-ibig Housing Loan Eligibility Requirements

To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:

1. On Pag-IBIG Membership

Highlights of Republic Act No. 9646 (Real Estate Service Act of the Philippines)

Republic Act No. 9646                           
June 29, 2009

AN ACT REGULATING THE PRACTICE OF REAL ESTATE SERVICE IN THE PHILIPPINES, CREATING FOR THE PURPOSE A PROFESSIONAL REGULATORY BOARD OF REAL ESTATE SERVICE, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES

Pag-ibig Housing Loan - Processing Fees

PROCESSING FEE

P1,000 - upon filing of housing loan application with required documents (non-refundable)
P2,000 – appraisal fee (upon filing of loan application, non-refundable)
P2,000 – upon take-out (deducted from the loan proceeds)