The Social Security System (SSS) has cut down its interest rate on home repair and improvement loans from 13 percent to nine percent to help members affected by tropical storm “Ondoy,” a top official said yesterday.
“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 Officer Romulo Neri said.
SSS grants a maximum loan of P300,000 for house repair and improvements, which are payable for up to 20 years. Deadline for filing of applications is Dec. 31 this year.
The loan is open to active members with at least 12 months continuous contributions or a minimum total of 24 monthly premiums.
Neri said the loan may be used for major repairs, extension and expansion, construction of concrete fence and steel gate, and installation of deep well and motor pump. Acceptable collateral is a first mortgage on the lot and house to be repaired or improved, or a joint mortgage with SSS-accredited banks.
“We further liberalized our policy by allowing members to borrow even with existing house repair and improvement loans with SSS or the National Home Mortgage Finance Corporation,” Neri said. “The total amount of their first and second loans must be within the P300,000 limit.”
Payments are through salary deductions for employees and issuance of post-dated checks for self-employed and voluntary members, he said.
Members in the National Capital Region (NCR) can file their applications at the Real Estate Department at the 5th Floor of the SSS corporate headquarters in Diliman, Quezon City, while those outside NCR can go to the Housing and Asset Management Section of SSS cluster offices in major cities. PNA
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