In the event of a delay, late/unpaid loans are deducted from the benefits paid by the member, depending on the first date; A service charge equal to 1% of the loan amount is calculated and deducted from the proceeds of the loan. Loans with a payment period of no more than 15 years are valued at a fixed interest rate. Loans with a payment period of more than 15 years are valued at a fixed interest rate only for the first 15 years of the loan term, and then re-evaluated every five years from the anniversary month of the 15th year. However, the term of the loan is as follows: The eligible guarantee for an SSS home loan is the property covered by a property certificate entitled/original title/title condominium certificate (TCT/OCT/CCT) issued without any pledge or charge, issued by the register of deeds on behalf of the principal borrower. The loan is payable in several times of five (5) years up to a maximum term of 20 years, with the exception of the OFW, which has a maximum term of 15 years. However, the term of the loan is subject to the following conditions: Members of the labour organization can repay the loan by issuing post-dated cheques (SIC) covering monthly amortizations during the term of the loan. The first g.C submission is made for the first twelve months (12) and is then replaced each year until full payment. However, payment by post-born cheques is subject to the 2011-028 decision. A member and borrower who transfer the job submits to their new employer an updated invoice for all outstanding loans to SSS and allows the employer to deduct the corresponding amortization from his salary, including any interest/penalties for late transfers. The interest rate on the loan is 9 per cent per annum. A maximum of three (3) qualified SSS members can combine their individual creditable limits guaranteed by the same security, provided they are linked in the first civil degree of consanity or affinity. As a housing credit guarantee, the loan is payable in several times five (5) years, up to a maximum of thirty (30) years.
If the purpose of the loan is to purchase a home prior to construction proper (pre-sale), other residential real estate acceptable to the SSS must be provided as collateral to secure the loan. The loan is secured by a first real estate mortgage (REM) on the house and the land to be financed. The REM must be commented on the member borrower`s TCT/OCT/CCT and registered with the register of relevant acts. The loan is also covered by an HGC guarantee. The housing credit account should be covered by mortgage and fire insurance. Any cancellation of unpaid credit must be accompanied by a fine of 1.5% for each month of delay. If Mortgagor does not pay at least six (6) monthly depreciations, the SSS can immediately close the mortgaged property. Note: The employer files a type signature card (SS L-501 form) updated each year to avoid delays in processing credit applications. The maximum loanable amount is P2,000,000.00. The amount of the loan granted is the lowest amount, based on the following: the maximum loanable amount is P2,000,000, but must not exceed the discounted credit balance of the assumed account.