It is a noticeable commonality within all OFWs that starting from the moment they have learned how to dream, one among the main goals that they have is to spend the rest of their lives with their loved ones on a home they can call as their own. Nonetheless, having a quality place to live in is one among the basic needs that we are affixed to search for, after all.
Yet due to the different forms of financial restraints, this childhood dream remains to be a dream for the most of us, and OFWs aren’t of any exception either. Instead of living in a comfortable home, we tend to compromise in a place that isn’t really what we imagined having and worse, isn’t something we can call “own”.
Does this mean that because of financial struggles, you can never own your dream home, then?
No, that isn’t and should never be the case. Why? Because however costly and intimidating purchasing a home may be, there will always be various things you can lean on to help you to finally have that dream home of yours.
Sound like a bait? Not really. Truth is, here in the Philippines there are different institutions which offer housing loan for OFW which can back you up towards that dream you are aspiring for. One of which that’s absolutely recommended is loan thru SSS.
Now the only question left is how you can apply for one. Well, to be further aware of that fact, here we go:
The housing loan that is offered for OFW is under the SSS program which they call the “Direct Housing Loan Facility for Overseas Filipino Workers (OFW)”. The design of this program basically includes a maximum loanable amount of P2,000,000.00 which will be assessed by mainly three factors: (1) the considered value of collateral; (2) borrower’s capacity to pay; (3) Actual need of the borrower based on the contract, all of which are assessed by the SSS, itself.
This loan is payable for 5, 10, or 15 years. In addition to that, interest rate varies from 8-11% annually for loans starting from P450.000.00 (and less) up to P2,000,000.00.
THE APPLICATION PROCESS:
This application process is the latest update and is sourced directly from the official website of SSS:
The filing of an application can be done in any nearest SSS cluster branch or at the Housing and Business Loans Department, 5/F, SSS Bldg., East Avenue, Diliman, Quezon City.
- Original copy of the following:
- Mortgagor’s Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse
- Certificate of Loan Eligibility (CLE) – (P100 Service Fee)
- Certification from POEA/DOLE/OWWA/ SSS Foreign Representative Office or Philippine Embassy/Consular Office
- 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
- Certificate of Acceptance and Occupancy duly signed by the borrower if house is 100% complete at the time of loan filing
- Duly notarized Special Power of Attorney (if filing is through a representative)
Original and Photocopy of the following:
- Latest Contract of Employment and latest Employer’s Certification duly authenticated by Phil. Consulate
- Owner’s copy of the TCT/OCT/CCT
- Certified true copy of TCT/OCT/CCT issued by the Register of Deeds
- Latest Property Tax Declaration and Realty Tax Receipt
Other documents needed:
- Lot plan with vicinity map duly signed and sealed by Registered Surveyor or Geodetic Engineer (Blue Print)
- Building plans/specifications/picture of the house (Blue Print)
- 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
- Tax Mapping/Subdivision Plan
- Affidavit of Undertaking to continue paying monthly SSS premium contributions for the duration of housing loan
- Present original and submit one (1) photocopy of required documents for authentication purposes
- Applicant and spouse must be up-to-date in the payment of 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 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
As an OFW, you surely deserve this kind of opportunity and I hope that this SSS housing loan is something you would give an appreciation and a consideration about.
Social Security System- Republic of the Philippines Official (2017). Retrieved from https://www.sss.gov.ph/sss/appmanager/pages.jsp?page=dhofw