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.

Eligibility Requirements

1. Eligible Borrowers

2. An applicant is qualified to apply for an SSS housing loan if he meets the following eligibility requirements:

   1. Member is a bonafide member of a registered workers' organization in the private sector;

   2. Member must be a member of the SSS;

   3. Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application

   4. Member not more than 60 years old at the time of application and must be insurable. Members age 60 years at the time of application will have a maximum loan term of 5 years

   5. Member was not previously granted an SSS housing loan

   6. Member has not been granted final SSS benefits

   7. Member and spouse is updated in the payment of their other SSS loan(s), if any

3. 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.
   Loan Purposes
   
   An SSS housing loan may be used for the following purposes:

   1. To construct a new house or dwelling unit on a lot owned by the applicant free from liens/encumbrances;

   2. To purchase a lot and construct thereon a new house or dwelling unit;

   3. To purchase an existing residential unit which may be a house and lot, a condominium unit, or a townhouse.

How to Apply

The member may file the application at the nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City.

The following documents should be submitted upon the filing of the application:

1. Original copy of the following:

   1. Mortgagor's Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse

   2. Certificate of Loan Eligibility – (P100 Service Fee)

   3. Certification of Membership from the workers' organization

   4. Employer's Certification

   5. the latest two (2) months payslip duly certified by the employer

   6. Deed of Sale or Contract to Sell with Statement of latest balance (for purchase of lot or house and lot)

   7. Confirmation of Completion and Appraisal from Home Guaranty Corporation accredited appraisal companies

   8. Certificate of Acceptance and Occupancy duly signed by the borrower if the house is 100% complete at the time of the loan filing
      

2. Original and Photocopy of the following:

   1. Latest income tax return together with Form W-2 and Confirmation Receipt of Payment

   2. Owner's copy of the Original/Transfer Certificate of Title/Condominium Certificate of Title

   3. Latest Property Tax Declaration and latest Realty Tax Receipt
      

3. Other documents:
   Lot Plan with Vicinity Map duly signed and sealed by a registered Surveyor or Geodetic Engineer (Blue Print)

   1. Building plans/specifications/picture of the house (Blue Print)

   2. 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

   3. Tax Mapping/Subdivision Plan

Note:

• Present original and submit one (1) photocopy for authentication purposes

• Applicant and spouse (if any) must be up-to-date in all existing loan accounts with SSS subject to verification by the SSS

• SSS reserves the right to require additional documents if deemed necessary

• Application Fee – ½ of 1% of the loan amount or P500 whichever is higher but not to exceed P3,000.00 to be deducted from the first loan release

• Inspection Fee – P500 for both within and outside Metro Manila

Loan Details

1. Loanable Amount
   The maximum loanable amount is P2,000,000.00. The loan amount granted is the lowest amount based on the following factors:

   1. The Appraised value of the collateral of at least 70% but not to exceed 90%.

   2. Borrower's capacity to pay

   3. Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS

Housing Loan Type Amount of Loan

Socialized Housing Loan Up to P450,000.00

Low-cost Housing Loan Over P450,000 up to P1,000,000

Over P1,000,000 up to 1,500,000

Over P1,500,000 up to P2,000,000

A maximum of three (3) qualified SSS members may combine their individual loanable limits, secured by the same collateral, provided they are related within the first (1st) civil degree of consanguinity or affinity.

2. Term of the Loan
   
   The loan is payable in multiples of five (5) years up to a maximum of thirty (30) years.
   However, the loan term shall be subject to the following:

   1. The principal borrower's age shall not exceed 65 years old at the time of loan maturity; and

   2. The loan term shall not exceed the economic life of the building as determined by the SSS appraiser.

3. Interest Rate
   Up to P450,000.00 – 8% p.a.

   1. Over P450,000.00 up to P1,000,000.00 – 9% p.a.

   2. Over P1,000,000.00 up to P1,500,000.00 – 10% p.a.

   3. Over P1,500,000.00 up to P2,000,000.00 – 11% p.a.

The loan shall be secured by any collateral acceptable both to the PFIs and the SSS provided the loan is fully secured.

4. Allowable Collateral/s
   The allowable collateral for an SSS housing loan is the property covered by a Transfer Certificate Title/Original Certificate of Title/Condominium Certificate of Title (TCT/OCT/CCT) issued by the Registry of Deeds in the name of the principal borrower, free from liens and encumbrances.
   The loan shall be secured by a first Real Estate Mortgage (REM) on the house and lot to be financed. The REM shall be annotated on the member borrower's TCT/OCT/CCT and shall be registered with the appropriate Registry of Deeds. The loan shall also be covered by an HGC guaranty.
   In case the purpose of the loan is the purchase of a residential condominium unit prior to actual construction (pre-selling), other residential property acceptable to SSS shall be submitted as collateral to secure the loan.
   The following are not acceptable as housing loan collateral:

   1. Land type other than residential

   2. Less than 15 sq. meters floor area, in case of a condominium

   3. Less than 32 sq. meters lot area

   4. Road right of way is less than 1.5 meters

   5. Free/Homestead/Miscellaneous Sales Patent Titles

5. Insurance Coverage

   1. Mortgage Redemption Insurance

   2. Fire Insurance

   3. Home Guaranty Corporation Coverage

• The insurance premiums shall be shouldered by the borrower.

6. Mode of Payment

The Workers' Organization Members can repay the loan by issuing post-dated checks (PDCs) covering the monthly amortizations during the term of the loan. Initial submission of PDCs shall be for the first twelve (12) months and replaced every year thereafter until fully paid. However, payment through post-dated checks shall be subject to Office Order No. 2011-028.

For more information, please visit the SSS Housing and Business Loans Department, 5th Floor, SSS Main Building, East Avenue, Diliman, Quezon City or you may call telephone number 920-64-01 local 5121 to 5127, or e-mail us at member_relations@sss.gov.ph