Array
Building & Renovating

SSS Offers Loans up to P1M to Help Fix Your House

This can help especially if you're dealing with a huge renovation.

Shares
Photography: UNSPLASH/ RhondaK Native Florida Folk Artist

You’re probably at that point in your life when you get excited about the arrival of the shelf you ordered from Lazada, and while small adjustments aren't as financially draining, home improvements can sometimes be costlier than expected, especially when you realize that before you can set that shelf up, you need to repaint the wall behind it—or actually repair the wall (and the rest of the room) before you can do any shelf assembling.

Major renovations call for bigger budgets, and in case you didn’t know, SSS provides loans for home repairs and improvement. They’re offering a maximum loanable amount of P1M with an interest rate of 9 percent a year, and is payable in multiples of five years to a maximum of 20 years. Take note, though, that you’ll have to present a collateral, which is the “Transfer Certificate of Title/Original Certificate of Title/Condominium Certificate Title (TCT/OCT/CCT) registered under the Torrens System issued by the Registry of Deeds in the name of the principal borrower and/or his spouse free from liens and encumbrances.” 

ADVERTISEMENT - CONTINUE READING BELOW

Still interested? Granted that you’re an SSS member with at least 36 months of contributions (24 of which are continuous) and are not more than 60 years old, here are the first things you need to prepare:

CONTINUE READING BELOW
Recommended Videos
  • SS ID card (If your married, you have to include your partner’s. If you don’t have an SS ID, provide two valid IDs with photo, as well as photocopies of them.)
  • Application for Direct House Repair and/or Improvement Loan document (2 copies)
  • Your Income Tax Returns and your financial statements for the last three years or two of your latest monthly payslips, whichever apply. If you work abroad, you’ll need your Contract of Employment and Certification of Employment and Compensation duly authenticated by the Philippine Consulate or SSS Foreign Representative.
  • Certified true copy of the Original/Transfer/Condominium Certificate of Title (OCT/TCT/CCT) issued by the Registry of Deeds together with your (the owner's) duplicate copy
  • Latest Tax Declaration of Real Property (land and building) with the Official Receipt of Realty Tax Payment (original and one photocopy)
ADVERTISEMENT - CONTINUE READING BELOW

From here, you’ll have to get the help of a licensed geodetic engineer to provide blueprints. You’ll also need source building plans, etc. For the full list of requirements, click here.

Once you’ve completed all requirements (don’t forget to double check, since that’s a lot of paperwork), you can file your application in an SSS cluster branch, or the Housing and Business Loan Department in the SSS Building along East Avenue in QC. Paying off your loan is through post-dated checks. As the SSS website notes, “borrowers shall submit a set of 12 months PDCs representing loan amortization payments and to be replenished every year thereafter until the account is fully paid.”

The whole process may seem intimidating, but if you manage your finances right, you’ll be able to improve your nest—and finally install that Lazada shelf—without worrying about cash flow.

Happy renovating!

ADVERTISEMENT - CONTINUE READING BELOW

This story originally appeared on FemaleNetwork.com

Minor edits have been made by Realliving.com.ph editors

More on Realliving.com.ph

Shares

Read more stories about

Latest Stories

Sleek Indoor Plants That Are Perfect for Condos

These plant babies take up minimal space!

This Online Shop Makes the Prettiest Succulent Dish Gardens

Need a low-maintenance alternative to bouquets?

10 Elegant Vases That Are Perfect for Your Flower Arrangements

These vases are just as pretty as the flowers.

This Portable Fridge Looks Good Anywhere in Your Home

Have cold drinks any time, anywhere!

UV Sterilizer Devices You Can Shop Online Right Now

From portable devices to UV lamps for your entire home.

Indoor Plants You Can Grow in Your Bathroom

These houseplants can thrive in high-humidity areas!

10 Pet-Safe House Plants That Make for a Gorgeous Display

These lovely greens can coexist with your furry friends.

10 Pink Appliances for the Kitchen of Your Dreams

Adorable finds that let you cook rice, make doughnuts, grind meat, and more.

Celebrity Walk-In Closet Tours That Will Inspire You to Organize

Keep your black and white clothes in one place!
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!