SSS loan in the Philippines is subdivided into 3 major types. The subdivision does not include emergency or quick loans like calamity loan and I’m not so sure why upon visiting the official website of the Social Security System online does not reveal anything about calamity loan but a form for which to use in apply for such when a qualified members turns victim of any type of disaster.
Anyway, I would just like to reserve my next posts to this topic as soon as I get a hold on a great idea or perhaps an opinion by some other blog resource or the SSS site itself. I hope to do that this year, 2014 as I welcome the new year of the wooden horse trying to help my kababayans and OFWs working abroad by providing relevant information regarding all matters about SSS loan.
Type 1: Salary Loan or Member Loan
Inside the context of member / salary loan, there are 2 parts.
- The first one is all about definition of the member loan, who may qualify, how much loanable amount may be availed, payment terms, delinquency rate or interest and service fee or in private lending companies, it is called as processing fee.
- The second part consists of information regarding salary loan renewal, where to pay / amortization and remittance options, what to do in case of transfer of employment, employer obligations to the SSS, payment options in case of separation from work / resignation and transfer, obligations of employer in case of such, terms and conditions or loan contract, papers and documentary requirements, filing for the salary loan and where to file the application.
Type 2: Housing Loan
There are 9 major divisions in the SSS housing loan program. These divisions are actually categories that you can use to determine which type of loan fits your classification as a member. I have compiled them all below for information purposes. I will tackle and discuss each of the categories listed below in my upcoming posts so be sure to secure a slot on my updates by subscribing to my latest articles.
- Housing Loan for Workers Organization Members
- Apartment and Dormitory
- Housing Loan for OFWs
- Housing Loan for Repairs and Improvement
- Individual Housing
- Assumption of Mortgage
- Housing Development Loan
- Corporate Housing Program
Type 3: Business Loans
Categorized into 3 different categories, if you want to know if you qualify for any of these types of business loan program by the Social Security System, I strongly suggest that you go click here. Otherwise, I’ll be discussing specifically each and you may visit us here regularly for updates.
- Social Development Loan Facility
- Business Development Loan Facility
- SULONG Program
Specific loan documentary requirements, pre qualifying requisites, payment terms, interest rates, filing and application details and remittance and amortization options will also be discussed later in my update posts.