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Owning a home is one of the ultimate dreams of any working Filipino and one of the most important investments one can make as its value increases over time. Buying your own home is a great advantage as it gives you a sense of security, safety and belonging, and it also gives you the freedom to create your own living space and decorate it accordingly. As a solid asset, it can also serve as your inheritance, which you can pass on to your children.
Little known to many, SSS has also offered various home loan programs since the early 1980s. Over the years, SSS has partnered with participating financial institutions to facilitate documentary requirements as well as home loan collections. At present, SSS directly facilitates Direct Home Repair and Improvement Loan Programs and Direct Housing Program for Filipino Overseas Workers (OFW) / Union Members (TUM).
Somewhere along the way there were circumstances where our member borrowers found themselves strapped for cash and unable to meet their monthly repayments. This is quite disheartening as they struggle to maintain their regular payments. That’s why we opened the Home Loan Restructuring and Penalty Cancellation Program (HLRPCP), also known as PRRP-4, as part of the SSS Pandemic Relief and Restructuring Program. (PRRP) that we launched in November. The program, which aims to help defaulting member-borrowers, their legal heirs or designated beneficiaries by tolerating the penalties for their delinquent home loans, will last three months, from November 22, 2021 to February 21, 2022. We consider that a loan is past due or past due if the loan arrears amount to at least six monthly amortizations from the date of filing of the application within the concession period. The remission of sentence can be exercised with or without restructuring of the housing loan account.
The home loan programs covered are the Direct Individual Home Loan, including Duplex Home Loan Accounts, and the Direct Home Loan Facility for OFW / TUM, while borrowers eligible for the concession with and without restructuring are:
For forgiveness without restructuring:
n All home loan borrowers, duly designated successors / interests / legal heirs with past due home loan obligations, whether the original or previously restructured term has already expired, or home loan borrowers whose property has been seized and auctioned off by the Sheriff with SSS as the winning bidder and the Certificate of Sale has not yet been registered.
For tolerance with restructuring:
All borrowers / successors / interests / legal heirs of home loans with past due home loan obligations and with at least one month of remaining term of the original or previously restructured loan term.
For candidate successors in interest and legal heirs, the candidate must be a member of the SSS with at least 24 monthly contributions published at the time of application, of which 12 must be published continuously before the date of application.
There are two payment methods available. One is the No Restructuring Concession in which payment in full, a one-time payment (cash or management check) of principal, interest, insurance contributions and legal fees within 90 calendar days of receipt of the payment. ‘notice of approval of the application.
The second is the Concession with Restructuring in which member-borrowers must pay 50 percent down payment of the outstanding principal, interest, insurance contributions and legal fees within 90 calendar days of receipt of the notice of payment. approval of the request. The remaining 50 percent will be restructured and will be payable in 12 equal monthly installments. The first amortization will begin the month following the date of receipt of the 50 percent deposit from the claimant. The payment deadline is the 10th of the month following the applicable month. As part of the loan restructuring, the interest rate is 6 percent per annum, which will be fixed for the life of the loan. Any unpaid monthly amortization on the restructured loan after the maturity date will be subject to a penalty of 1 percent per month until it is fully paid or foreclosed.
Applicants must pay the full payment (one-off payment) or the 50% deposit (cash or management check) to any SSS accredited collection partner, bank or non-bank, or to an SSS branch with an ATM.
Candidates interested in this program can apply to the following address:
For NCR — Housing and Acquired Assets Management Department (HAAMD), SSS Main Office.
For outside the NCR — Housing and Acquired Assets Management Section (HAAMS) at selected branches:
Luçon Center — HAAMS
Tarlac
South of Luzon — HAAMS San Pablo
North of Luçon — HAAMS Baguio
Bicol Region — HAAMS Naga
Central Visayas — HAAMS Cebu
Western Visayas — HAAMS Bacolod
Southern Mindanao — HAAMS Davao
Northern Mindanao — HAAMS Cagayan De Oro
Western Mindanao — HAAMS Zamboanga
For more details, you can visit the SSS website at www.sss.gov.ph and follow our official accounts on social media. For Facebook, “Philippine Social Security System; »Twitter, @PHLSSS; Youtube channel, Philippine social security system; or join our SSS Viber community “MYSSSPH Updates”.
For home loan borrowers who have missed their payments, this is the perfect opportunity to take advantage of the flexible payment terms that are right for you now.
Have a nice day!
Aurora C. Ignacio is President and CEO of SSS.
We welcome your questions and ideas on the topics we are discussing. E-mail [email protected] for topics you might want us to discuss.
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