Lower housing loan rates from SSS

Lower housing loan rates from SSS

 
To help Filipinos whose homes were damaged by the recent onslaught of tropical storm Ondoy last , SSS reduced loan rates for home repairs and improvements.

The reduced rates for SSS is now at 9%, from a previous 13% per annum. The maximum amount of loan that can be availed is P300,000 and payable up to 20 years.

“We lowered the interest rate as a special consideration to our members whose homes were damaged by the storm that brought widespread floods in Metro Manila and other provinces last weekend,” SSS president and chief executive Romulo Neri said.

The loan may be used by members for major repairs, extension and expansion, construction of concrete fences and steel gates, and for installation of deep well and motor pumps. Collateral accepted are a first mortgage on the lot and house to be repaired or improved, or a joint mortgage with SSS-accredited bank.

Neri said that they have liberalized their policy, allowing members to avail of the even if they are already have existing house repair and improvement loans. However, the total of their existing loan the new loan should not exceed the P300,000 limit.

Qualified to apply for the loan are active members with at least 12 months of continuous contributions, or a minimum total of 24 monthly premiums. They can be paid either through salary deductions (for employed members) or through issuance of post-dated checks (for self-employed and voluntary members).

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