SSS selling P198.56-M foreclosed house & lots at affordable prices

MANILA, Philippines - The Social Security System (SSS), the state-owned pension fund for private employees, is selling 305 foreclosed house-and-lot units with a combined worth of P198.56 million on affordable terms.

In a statement, SSS officer-in-charge Edgar Solilapsi said the agency is selling the properties at very good rates. He said buyers paying in cash would get preferential rates such as a minimal five-percent downpayment and 10 percent discount.

“The SSS offer is part of government efforts to reduce the housing backlog by offering its acquired properties at market cost and easy terms. Earnings will also add to the pool of funds of members,” he said.

A total of 305 housing properties and residential lots are up for sale for buyers aged 18 to 60 years old. The sale is part of a state-run housing fair program that would end on Sept. 30, 2012, SSS said.

“Annual interest rates are pegged at six percent for houses and lots worth up to P500,000 and nine percent for properties worth more. Over 60 percent of the properties are in the National Capital Region and Luzon provinces,” Solilapsi also said.

Prices start at P271,000 on the houses and lots to be sold. These are mostly foreclosed properties and assets acquired.

“With the housing fair program, buyers can directly purchase SSS properties through negotiated sale instead of going through public bidding. The property is automatically reserved for the buyer upon downpayment,” he said.

Furthermore, SSS said buyers may pay using post-dated checks over a maximum period of 10 years.

Data from the agency showed that the state-run agency has sold nearly 1,300 units of acquired housing assets worth a total of P626.55 million over the past five years.