THE Social Security System yesterday cut the interest rate on home repair loans to 9 percent from 13 to help members whose homes were damaged by tropical storm Ondoy.
“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 pension fund manager said it could allocate about P84.35 billion, representing 35 percent of its reserve fund of P241 billion as of June 2009, for housing loans.
The SSS grants a maximum loan of P300,000 for house repair and improvements, which are payable for up to 20 years. The deadline for filing applications is Dec. 31. The loan is open to active members with at least 12 months in 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 fences and steel gates, and installation of a deep well and motor pump. The 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 would be made through salary deductions for employees and the issuance of post-dated checks for self-employed and voluntary members, he said.
Members in Metro Manila may file their applications with the Real Estate Department on the 5th Floor of the SSS corporate headquarters in Diliman, Quezon City. Other members may go to the Housing and Asset Management Section of SSS cluster offices in the major cities. –Roderick dela Cruz, Manila Standard Today
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