If you’re applying for a loan equivalent to one month’s salary, you must have at least 36 monthly contributions to social security. At least 6 of these contributions must be within the past 12 months. You must have at least 72 monthly contributions to social security to apply for a loan equivalent to 2 months’ salary. At least 6 of those contributions must have been made within the past 12 months.
If you have a smart phone, tablet, or computer that is connected to the internet, you can set up a my. SSS account to manage your SSS account and apply for a salary loan. You can also register for my. SSS if you are self-employed, or if you are an OFW.
The loan application requires you to enter identification and employment information. You must also state the amount of the loan you’re applying for, and how you wish to receive your loan proceeds. There is also a section on the loan application for your employer to complete, if you are employed by a company or individual that reports to SSS.
You can submit an application online if you are an OFW member, or if you are self-employed. Your income well be self-certified based on SSS records.
Salary loan applications are also accepted by SSS Foreign Representative Offices in some countries. If you live and work overseas, contact your nearest Philippine embassy or consulate for more information. If you are an OFW member and there is not an SSS branch in the country where you live and work, you can send your documents to a family member in the Philippines and authorize them to submit your application on your behalf.
If you live in the Philippines, you can have the money deposited directly into your bank account. OFWs can choose to get either a check or a cash card in the mail.
A chart of payment deadlines is available at https://www. sss. gov. ph/sss/appmanager/pages. jsp?page=salarydetails. After half the term of the loan has passed and you’ve paid at least 50 percent of your loan, you can renew it for up to the original principal amount.
Generally, you must be an SSS member under the age of 60 who has made social security contributions for at least 36 months. That 36 months must include 24 continuous contributions for the 2-year period immediately before your application. If you’re buying a new home or building a home on land you own, look at a direct housing loan. There are 2 types, one for those who are members of a registered workers’ organization, and another for OFWs. If you already own your own home, you may be interested in either a loan for repairs and improvements, or for an assumption of mortgage loan. The assumption of mortgage essentially allows you to refinance an existing mortgage at a lower rate.
A list of required documents for the workers’ organization housing loan is available at https://www. sss. gov. ph/sss/appmanager/pages. jsp?page=dhwomapply. If you are an OFW and applying for a housing loan, use the list of required documents at https://www. sss. gov. ph/sss/appmanager/pages. jsp?page=dhofwapply.
To access the complete list of downloadable forms, go to https://www. sss. gov. ph/sss/appmanager/sss_downloads. jsp?type=forms.
Search the online SSS branch directory at https://www. sss. gov. ph/sss/getBranchDir. action to find the branch or service office nearest you. If you’re applying for a direct housing loan, you may need to fill out an application form at the SSS branch. Make sure you bring appropriate identification.
While your loan remains outstanding, you are responsible for maintaining appropriate fire, mortgage redemption, and home guaranty corporation insurance coverage on your home. The application fee of 1/2 of 1 percent of the loan amount, or P 500, whichever is higher, will be deducted from your loan proceeds when they are released. [15] X Research source
The restructuring program covers past-due short-term loans, such as salary loans. If a natural disaster meant you were unable to make payments on your short-term loan, you can restructure that loan and eliminate any penalties for late payments. To be eligible, you must be living or working in an area declared a national disaster area by the National Disaster Risk Reduction and Management Council. Loans must be at least 6 months past due to qualify. The Loan Restructuring Program (LRP) was first made available in 2017, and was extended into 2018. After October 2018, check with the SSS to find out if the LRP has been renewed or extended. [17] X Research source
You must also make a number of declarations to verify your eligibility for the program. Along with your application, you’ll provide documents to support these declarations.
Fill in the blanks on the form, but do not sign it. You must sign the affidavit in the presence of a notary. Make a copy of your signed and notarized affidavit for your own records.
Locate the SSS branch nearest you by searching the SSS branch directory online at https://www. sss. gov. ph/sss/getBranchDir. action.
You must submit your LRP application in person – you can’t apply for this program online. If you don’t currently live in the Philippines, you can authorize a family member to submit your application and supporting documentation for you. Complete a Special Power of Attorney form to authorize them. You can download this form at https://www. sss. gov. ph/sss/DownloadContent?fileName=mlp_special_power_of_attorney. pdf. [22] X Research source
If the amount you owe is less than P2,000. 00, SSS prefers that you make payment in full. For amounts ranging from P2,000. 00 to P18,000. 00, the recommended term is 12 months. Generally, the more you owe, the longer you can extend the monthly payment term. However, SSS approves the term you choose based on the totality of your circumstances.
Your loan penalties will be waived when you’ve paid your restructured loan in full.
