Social Security System (SSS) Loans — Full List of Offers Members May Apply For

SOCIAL SECURITY SYSTEM (SSS) LOANS — Listed below are the loan offers of the state-run social insurance agency for its members.

Millions of people composed of Filipinos in and out of the country are members of the SSS. The state-run social insurance institution giant has several benefits and loans that its members can turn to in times of need for various reasons.

Guide on SSS Loans for Qualified Members

SSS LOANS – Here is a complete list of the loan offers that the Social Security System members may apply for.

There are several government agencies in the Philippines and one of those with millions of members is the Social Security System (SSS), a social insurance institution in the country. Its members are coming from different walks of life.

Most of the SSS members are Filipinos who are local employees in the private companies in the Philippines. Also a huge chunk of the SSS member populace is composed of self-employed individuals or those who are running their own businesses.

Aside from the employed and self-employed individuals, the state-run social insurance agency has also opened its membership for overseas Filipino workers (OFWs) as well as those who want to apply for voluntary membership. It is also open for household employees or “kasambahays”.

The SSS members must regularly post a monthly contribution to the social insurance institution. In return, the members may qualify to the SSS benefits as well as the loans offered by the state agency.

The Social Security System (SSS) has at least three (3) main loan offers for its members. Each of these loans come with a unique eligibility criteria for application, set of documentary requirements, loanable amount, loan terms, and interest rate. You may apply for them online through your My.SSS account.

SSS Salary Loan

The SSS Salary Loan offer of the Social Security System is a multi-purpose cash loan that is open for local employee, self-employed, and voluntary members of the state-run social insurance agency. It is also often called the SSS Cash Loan.

Eligibility Criteria. Who are qualified to apply for this loan offer? The member-borrower must meet these eligibility criteria for application:

• currently employed, currently contributing self-employed or voluntary member
• has posted at least 36 monthly savings
• employer must be updated in the payment of contributions
• has not been granted final benefit, i.e., total permanent disability, retirement and death
• under sixty-five (65) years of age at the time of application
• has not been disqualified due to fraud committed against the SSS

Loanable Amounts. The SSS Salary Loan loanable amount that you can borrow under the SSS Salary Loan offer depends on the total monthly contribution that you have posted. If you have posted between 36 to 71 monthly contributions, you may borrow an “equivalent to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower”.

If you have posted 72 total contributions or above, your maximum loanable amount is “equivalent to twice the average of the member-borrower’s latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower”.

Interest Rate. The SSS Salary Loan interest rate is 10% per annum. You can repay the amount you borrowed for up to 24 monthly installments.

Documentary Requirements. The set of documents needed in applying for the loan offer depends on who will process or file the application:

If you are the member-borrower:

• duly-accomplished Member Loan Application Form
• SSS digitized ID or E-6 with any two (2) valid IDs (one of which with a recent photo)
  • Senior Citizens Card
  • Professional Regulation Commission (PRC) ID
  • Seaman’s Book
  • LTO Driver’s License
  • School ID
  • Company ID
  • Voter’s Identification card/affidavit/Certificate of Registration
  • Postal ID
  • GSIS Card
  • Tax Identification Number (TIN) Card
  • Baptismal Certificate
  • Overseas Worker Welfare Administration card
  • ATM card with cardholder’s name or with certification from bank
  • Health or Medical Card
  • Credit Card
  • Police Clearance
  • Transcript of Records
  • NBI Clearance
  • Pag-IBIG Member’s Data Form
  • Marriage Contract
  • Seafarer’s Registration Certificate issued by POEA
  • Bank Account Passbook
  • Certificate from:
    • Office of Muslim Affairs
    • Life Insurance Policy
    • Office of Southern/Northern Cultural Communities
    • Birth/Baptismal certificate of child/ren
    • Certificate of Licensure/Qualification Documents/Seafarer’s ID and Record Book from Maritime Industry
    • Certificate of Naturalization from the Bureau of Immigration

If filed by an authorized representative of the member-borrower:

• duly-accomplished Member Loan Application Form
• SSS-issued Authorized Company Representative (ACR) card
• Letter of Authority (LOA) from employer
• two (2) valid IDs both with signature and at least one with photo
• Member-borrower’s SS card or Application for SS card (SS Form E-6) acknowledgment stub and two (2) valid IDs

If filed by employer or company’s authorized representative:

• duly-accomplished Member Loan Application Form
• Letter of Authority (LOA) from employer
• Member-borrower’s SS card or Application for SS card (SS Form E-6) acknowledgment stub and two (2) valid IDs
• two (2) valid IDs both with signature and at least one with photo

SSS Housing Loan

Also one of the SSS loans is the SSS Housing Loan for the purpose of home repair and improvement. The loan purposes covered include the following:

• major repairs, particularly for dilapidated and structurally unsafe housing units
• improvements:
  • completion of an occupied bare house
  • extension or expansion and enhancement of economic and aesthetic value of an existing housing unit
  • installation of deep well and motor pump
  • construction of concrete fence and steel gate

Eligibility Criteria. The member-borrower must meet these eligibility criteria to qualify for the SSS Housing Loan offer application:

• a member of SSS who has at least 36 months contributions and 24 continuous contributions in the period prior to application
• not more than 60 years old at the time of application
• not previously granted a repair and/or improvement loan by the SSS or NHMFC
• not been granted final SSS benefits
• borrower and spouse are updated in the payment of their other SSS loan(s), if any

Loanable Amount. The maximum loanable amount under the offer is P1 million. The minimum amount is 70% of the appraised value of the property but not to exceed 90%.

Interest Rate. Th SSS Housing Loan interest rate is 9% per annum. According to the SSS, the loans with payment terms of not more than 15 years will bear a fixed interest rate throughout the loan term. The loan term is between 5 years to 20 years.

Documentary Requirements. There are documents needed in applying for the Housing Loan offer. These include both the collateral documents and the personal documents of the SSS member applying for the loan offer. Prepare the following:

• two (2) copies of Application for Direct House Repair and/or Improvement Loan
• SS ID Cards of the principal applicant and his/her spouse, if applicable. If you have no SS ID Card, you can present any two (2) valid IDs with your signature and at least one (1) of them bearing your photo
• original and one (1) photocopy of Latest Tax Declaration of Real Property (land and building) with the Official Receipt of Realty Tax Payment
• Certified true copy of the Original/Transfer/Condominium Certificate of Title (OCT/TCT/CCT) issued by the Registry of Deeds together with owner’s duplicate copy
• copy of Consolidation-subdivision plan approved by the Land Registration Authority or Bureau of Lands/DENR-NCR (15” x 20” size; primary document)
• Lot/Location Plan prepared, signed & sealed by a licensed geodetic engineer. The plan should be prepared in a standard Bureau of Lands form (blueprint or whiteprint copy in 15” x 20” size) with the following:
  • Lengths and bearings of the tie line and sides of the lot;
  • Sketch of the lot with description of its boundaries; and
  • two (2) copies of Vicinity map w/ landmarks, street pattern, street names and lot distance as reckoned/based from the lot to the nearest street intersection
• original and one (1) photocopy of Scope of Works showing list/itemized works to be done according to priority, prepared and signed by the owner, civil engineer or architect
• Complete set of building plan (20” x 30” size; blue/whiteprint copy) as approved by the Building Official with signature of the owner/applicant and signed & sealed by the respective licensed engineers (Architectural Plans by the Architect/Civil Engineer, Structural Plans by Civil/Structural Engineer, Sanitary Plans by Civil/Sanitary Engineer and Electrical Plans by Electrical Engineer).
• original and photocopy of Building or Renovation Permit issued/approved by the Building Official with Locational Clearance, Electrical Permit, Sanitary/Plumbing Permit and corresponding official receipts of payments
• original and photocopy of pecifications and Bill of Materials & Labor must be signed & sealed by a licensed civil engineer or architect with owner’s conformity, for loans over P100,000. While for loans P100,000 and below the signature and seal by a licensed civil engineer or architect are no longer required
• photos of existing collateral; the existing house and lot
  • 1st – Front and one side
  • 2nd – Rear and other side
  • 3rd – Kitchen counter
  • 4th – Toilet and Bath Pictures

SSS Calamity Loan

The SSS loans also includes the SSS Calamity Loan that qualified members may turn to in times when natural disasters struck their place. It is under the Calamity Loan Assistance Program or CLAP.

Eligibility Criteria. For eligibility to the loan offer, the Social Security System member must meet the following qualifications:

• residing in an area declared under a State of Calamity by the National Disaster Risk Reduction and Management Council (NDRRMC)
• registered on the My.SSS portal
• has posted at least 36 monthly contributions
• has not availed of final benefits
• has no outstanding balance in CLAP or the SSS Loan Restructuring Program (LRP)

Loanable Amounts. The borrowing amount allowed under this loan offer of the Social Security System is equivalent to one monthly salary credit (MSC). The borrowed amount is payable for up to 24 monthly installments.

Interest Rate. SSS Calamity Loan interest rate is 10% per annum until the borrowed amount is fully paid.

Documentary Requirements. The SSS Calamity Loan application form is available online. The documents required depend on who will process the loan application. If the SSS member will file the loan, the following are the SSS Calamity Loan requirements:

• One (1) copy of the SSS calamity loan assistance application form^[2]
• Original copy of barangay certification
• Original copy of valid ID

For loan applications that will be filed by a representative of an SSS member, prepare the following documents for application:

• One (1) copy of the SSS calamity loan assistance application form
• Original copy of authorization letter
• Original copy of barangay certificate
• Printed scanned copies of valid ID/documents of the OFW or seafarer member
• Original copy of valid ID or document of the authorized representative