Tips for OFWs: How to Apply for Housing Loan at SSS

Many of us aim to find a high-paying job to support our families and provide them with a better home but it could not be denied that a home, no matter how small, costs a lot of money to build.

While it is possible that you could save money in the years that you work as overseas Filipino worker (OFW), this might take a long while and it gets tempting to use the savings to buy other, less important things.

There’s a way for you and your family to enjoy the fruits of your labor: by applying for a housing loan at SSS (Social Security System).

The SSS provides a special housing loan program for OFWs.

Amount of Loan

OFWs can loan a maximum of Php2 million, depending on several factors. The loan is granted based on the lowest amount in these factors:

  • Borrower’s capacity to pay
  • Appraised value of the collateral, at least 70% but not more than 90%
  • Actual need, as evaluated by the SSS based on construction contract and bill of materials

The loan is payable from 5 to 15 years, as long as the borrower’s age does not exceed 65 at the time of loan maturity.

Interest rates vary, depending on the loan amount but the final rate is within 8 to 11% per annum.

How to Apply

OFWs interested to apply for the loan should submit the following requirements:

Original copy:

  • Certification from POEA/DOLE/OWWA/ SSS Foreign Representative Office or Philippine Embassy/Consular Office
  • Certificate of Loan Eligibility (CLE) – (P100 Service Fee)
  • Mortgagor’s Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse
  • Certificate of Acceptance and Occupancy duly signed by the borrower if house is 100% complete at the time of loan filing
  • 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
  • Duly notarized Special Power of Attorney (if filing is through a representative)

Original and Certified True Copy:

  • Latest Contract of Employment and latest Employer’s Certification duly authenticated by Phil. Consulate
  • Latest Property Tax Declaration and Realty Tax Receipt
  • Owner’s copy of the TCT/OCT/CCT (with certified true copy issued by the Register of Deeds)

Other documents:

  • Tax Mapping/Subdivision Plan
  • Building plans/specifications/picture of the house (Blue Print)
  • Lot plan with vicinity map duly signed and sealed by Registered Surveyor or Geodetic Engineer (Blue Print)
  • Affidavit of Undertaking to continue paying monthly SSS premium contributions for the duration of housing loan
  • 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

For more information, visit the SSS website.

You can also apply for a housing loan at PAG-IBIG. Check this out:

Tips for OFWs: How to Apply for Housing Loan from PAG-IBIG