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How to Apply for a Housing Loan

Purchasing a home in the Philippines isn’t as difficult as real estate prices suggest! Property prices are often in the millions, yet consumers rarely pay the full worth of a home in a single transaction. So, if you don’t have millions in your bank account, don’t fret; you can still buy a house with financing.

In truth, the government offers assistance to anyone looking to buy a property. One of these is the Social Security System (SSS). And we’ll teach you how to apply for an SSS housing loan in this article.

What precisely is financing? Simply defined, it occurs when a person goes to a financial organization such as SSS to obtain a loan. The individual makes a downpayment, and SSS covers the majority of the property’s purchasing costs. The person then repays SSS over time and with interest.


SSS offers four kinds of home loans:

  1. Direct Housing Loan Facility for Workers’ Organization Members
  2. Direct Housing Loan Facility for Overseas Filipino Workers
  3. Housing Loan for Repairs or Improvements,
  4. Assumption of Mortgage

Each form of house loan is tailored to meet certain requirements and has its own application process. If you’re looking to buy a house, though, concentrate on the first two. This is due to the fact that you can use them to fund any of the following:

  • The construction of a new house on a lot you already own
  • The purchase of a lot and the construction of a new house on it
  • The purchase of a house and lot, condominium, or townhouse

For both loans, the maximum loanable amount is Php 2 million and payable in either 5, 10, or 15 years.

The interest will be based on the loan amount. These are the interest rates SSS applies to their loans:

Loan Amount Annual Interest
Over Php 450,000.00 up to Php 1,000,000.00 9%
Over Php 1,000,000.00 up to Php 1,500,000.00 10%
Over Php 1,500,000.00 up to Php 2,000,000.00 11%
  1. Direct Housing Loan Facility for Workers’ Organization Members

People in the private sector can apply for the Direct Housing Loan Facility for Workers’ Organization Members (WOMs). You must be employed and a member of one of the workers’ groups recognized by the Department of Labor and Employment (DOLE), the Securities and Exchange Commission (SEC), or the Cooperative Development Authority in order to qualify.

This home loan is available to workers who are also members of any trade union center, federation, national union, chapter, or independent union as defined in Book V of the Philippine Labor Code.

If you want to apply for an SSS home loan through this technique, below are the eligibility requirements and document requirements:

Direct Housing Loan Facility for Workers’ Organization Members Eligibility Requirements

To be eligible you must meet these criteria:

  • Member is a bonafide member of a registered workers’ organization in the private sector;
  • Member must be a member of the SSS;
  • Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application
  • Member should not be more than 60 years old at the time of application and must be insurable. Members age 60 years at time of application will have a maximum loan term of 5 years
  • Member was not previously granted an SSS housing loan
  • Member has not been granted final SSS benefits
  • Member and spouse is updated in the payment of their other SSS loan(s), if any
  • The spouse of an existing borrower may still qualify for an SSS housing loan if the loan of the existing borrower was obtained prior to the date of marriage and the loan is not delinquent.

Direct Housing Loan Facility for Workers’ Organization Members Requirements

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