SSS ups housing loan of members to P.5M

The Social Security System has increased to P500,000 the amount of housing loan which could be availed by members, SSS Chairman and President Carlos Arellano announced yesterday.

Arellano said the agency also increased loans for house repair and improvement, development loan and apartment and dormitory loan.

"The increase is SSS‘ support to the initiatives of the Estrada administration to give every Filipino a chance to own a decent and affordable homes," Arellano said.

Housing loans for qualified members have been increased from P375,000 to P500,000, and repair and improvement loan from P200,000 to P300,000.

The apartment and dormitory loan has been increased from P15 million to P20 million, while SSS development loan was raised from P20 million to P50 million.

The apartment and dormitory loan was designed to help ease the lack of housing facilities for students, while the development loan is intended for land development and mass housing.

Arellano added that the agency has also increased its contributions to the Paripassu, a joint housing loan program with banks, from P500,000 to P730,000 for the total maximum loan under the program of P5-million.

The SSS has been a major source of funds for the government’s housing loan program, which are coursed through the banks and the government’s home financing program.

SSS has disbursed nearly P50 billion to the National Home Mortgage and Finance Corporation, Home Development Mutual Fund and private lending institutions in the past several years.

Last month, the SSS opened a P3-billion direct housing loan window for overseas Filipino workers and trade union members.

To qualify for the various SSS loan programs, SSS members must have paid at least 12 months of continuous contributions of a minimum of 24 months total contributions. — Pia Lee-Brago