Anda di halaman 1dari 3

For Overseas Filipino Workers

What is the Direct Housing Loan Facility for Overseas Filipino Workers? The Direct Housing Loan Facility is designed to support the Government s Pabahay sa Bagong Siglo Program which aims to provide socialized and low-cost housing to overseas Filipino workers. What are the eligible purposes of the loan?

y y y y

Construction of a new house or dwelling unit on a lot owned by the applicant free from lien/encumbrances; Purchase of a lot and construction thereon of a new house or dwelling unit; Purchase of an existing residential unit which may be a house and lot, a condominium unit or a townhouse; and Purchase of an existing residential unit foreclosed by SSS, GSIS, HDMF (PagIbig), HGC and other GFIs.

Who may borrow under the loan program?

y y y y y

A certified overseas Filipino worker; An active SSS member and has paid at least twelve (12) months continuous contributions or at least twenty-four (24) months total contributions; Not more than sixty-five (65) years old; Not previously granted a housing loan by SSS, refund of contributions, retirement or total permanent disability benefit; and Up-to-date in the payment of all SSS contributions and other loan amortizations.

One of the spouses may still qualify for another loan if the other obtained the loan, prior to date of marriage and is not delinquent. Who is an OFW?

y y y y

Currently deployed with a contract processed through the POEA or authenticated by the Embassy abroad. Those with employment contracts which are awaiting renewal/deployment; however, release of loan shall be made upon renewal/ deployment. Citizens or immigrants of foreign countries but are interested in buying housing units for their families who are still in the country. Long-term resident overseas Filipinos who wish to avail of housing packages either for themselves when they retire or when they visit the Philippines and/or for their extended families.

How much is the loanable amount? The maximum loanable amount is P1,000,000.00 or whichever is the lowest of the amount applied for, the amount justified by the paying capacity, the loan value of the collaterals as determined by the SSS.

y y

Socialized Housing Low-Cost

- P 300,000.00 Housing


- P 1,000,000.00 A maximum of three (3) qualified SSS members may be tacked-in for a single loan up to the combined maximum individual availment for the loanable amount secured by the same collateral, provided they are related within the 1st civil degree of consanguinity or affinity. What is the term of the loan? The loan is payable in multiples of five (5) up to a maximum of thirty (30) years but not to exceed the economic life of the building and the difference between the age of the borrower and 70, whichever is shorter. What is the interest rate of the loan?

y y y

Up to P300,000.00 9% p.a. fixed for the term of the loan. Over P300,000.00 up to P500,000.00 13% p.a. Over P500,000.00 up to P1,000,000.00 14% p.a.

What are the collaterals for the loan? The loan shall be secured by a first Real Estate Mortgage on the house and lot to be financed. The REM shall be annotated on the member-buyer s TCT and shall be registered with the appropriate Registry of Deeds. It shall also be covered by an HGC guaranty. What are the required documents for the loan? The following documents should be submitted upon application:

y y y y y y y y y y y y y y

Mortgagor s Application for Housing Loan with 1 x 1 ID pictures of Principal Applicant and Spouse (Original). Certificate of Loan Eligibility (Original) (P100 Service Fee). Certification from POEA, DOLE, OWWA, SSS Foreign Representative Office or Philippine Embassy/Consular Office (Original). Latest Contract of Employment (Photocopy). Contract to Sell with statement of latest balance (Original). Owner s copy of the Original/Transfer Certificate of Title (Photocopy). Latest Property Tax Declaration and Realty Tax receipt (Photocopy). 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). Confirmation of Completion and Appraisal from Home Guaranty Corporation located at Jade Bldg., 335 Sen. Gil Puyat Avenue, Makati City with tel. no. 895-90-11 (Original). A set of twelve (12) postdated checks covering twelve (12) monthly installments and shall be repeated every 12 months thereafter until the loan is fully paid. Certificate of Acceptance and Occupancy duly signed by the borrower if house is 100% complete at the time of loan filing (original). Special Power of Attorney (if filing is thru a representative) (original). Certified True Copy of the Original Transfer Certificate Title issued by the Registry of Deeds.

y y

Present original and submit one (1) photocopy for authentication purposes. Applicant must be up-to-date in all existing loan accounts with SSS subject to verification by Estate Department.

y y y

SSS reserves the right to require additional documents if deemed necessary. Application Fee of 1% of loan amount or P500 whichever is higher, for both socialized and low-cost housing. Inspection Fee P500 for both within and outside Metro Manila.

Where should the member file his application?

To the nearest SSS office or foreign representative office or the Real Estate Department, 5/F, SSS Bldg., East Avenue, Quezon City).

How can an OFW repay his/her loan amortization?

y y y

Issuance of a minimum of twelve (12) post-dated checks which shall be repeated every year thereafter until said loan shall be fully settled. Subject arrangement is incorporated in the mortgage contract entered into by the SSS and the borrower. Thru accredited collecting banks with overseas branches/offices. Thru the SSS Branch Tellering System

List of Collecting Banks with Overseas Branches/Offices 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. Allied Bank Asia United Bank Asiatrust Development Bank Bank of Commerce BPI Chinabank Development Bank of the Philippines East West Bank Equitable PCI Bank Export and Industry Bank International Exchange Bank Land Bank of the Philippines LBC Metrobank Philippine National Bank Rizal Commercial Banking Corporation Security Bank UCPB

List of SSS Foreign Representative Offices For more information contact the SSS Real Estate Department in Quezon City with telephone number 920-6401 locals 5121 to 5128 or at the SSS office nearest you.
Page last updated