Since 1958, Social Security System has been providing financial support to its members in acquiring their dream houses through the SSS Housing Loan Program.
Given the current pandemic situation, it is understandable that some of our SSS members were greatly affected in terms of their employment status as well as their paying capacity, which resulted to housing loan payment delinquencies.
For this reason, SSS has launched the Housing Loan Restructuring and Penalty Condonation Program
(HLRPCP) on November 22, 2021 under its Pandemic Relief and Restructuring Program or PRRP 4 to help delinquent housing loan borrowers, their legal heirs, or designated successor/s-in-interest by waiving the penalties on their past due housing loans. Past due means that the housing loan is delinquent for a period of at least six months as of the filing date of application within the condonation period.
I am glad to share the good news to our delinquent housing loan borrowers that the application period for the HLRPCP has been extended from February 22, 2022 to May 21, 2022 to give them more time to prepare and submit their applications. Moreover, the eligibility requirements for successor-in-interest and legal heir applicants have been relaxed to allow inactive or non-SSS member successor-in-interest and legal heir applicants to apply to HLRPCP and avail themselves of the Condonation without Loan Restructuring/One-time Payment Term only.
Just to give a recap, the housing loan programs covered under HLRPCP are Direct Individual Housing Loan including duplex housing loan accounts, and Direct Housing Loan Facility for OFWs/TUMs as well as the Direct House Repair and Improvement Loan Program, with borrowers eligible for condonation with or without restructuring.
Under the HLRPCP, eligible applicants for PRRP 4 are all housing loan borrowers or successor/s-in-interest (who have assumed the original mortgage as shown in their supporting documents) or legal heir/s with past due housing loan obligations. In case the borrower is already deceased, his/her legal heirs should have settled the property through judicial or extrajudicial process.
Successor-in-interest and legal heir applicants should be SSS member/s with at least 12 continuous contributions prior to application and a total of at least 24 monthly contributions to avail of the Condonation with Loan Restructuring. Otherwise, they shall be eligible for Condonation Without Restructuring only.
Condonation of penalty may be availed of either with or without the restructuring scheme.
Housing loan borrowers or their duly designated successor/s-in-interest/legal heir/s with past due housing loans and with at least remaining one month of the original or previously restructured housing loan term has the option to avail themselves of the condonation with restructuring.
On the other hand, housing loan borrowers, and duly designated successor/s-in-interest/legal heir/s with past due housing loan and whose original or previously restructured term has already expired, or whose property has been foreclosed and undergone sheriff auction sale with SSS as the winning bidder and the Certificate of Sale has not yet been registered may avail themselves of the condonation without restructuring only.
Under the condonation without restructuring, the applicants have to pay a one-time payment of their outstanding principal, interests, insurance dues and legal expenses either through cash or manager’s check within 90 calendar days from the receipt of the notice of approval of the application.
Whereas under the condonation with restructuring, the applicants have to pay 50 percent down payment of the outstanding principal, interests, insurance dues and legal expenses within 90 calendar days from the receipt of the notice of approval of the application. Meanwhile, the remaining 50 percent shall be paid within 12 monthly equal installments. The first monthly amortization shall start on the month following the date when SSS received the applicant’s 50 percent down payment. For example, if the applicant settled his/her 50 percent down payment in February 2022, the first monthly amortization shall start in March 2022. In the succeeding months, the payment should be made on or before the 10th day of the month following the applicable month.
Amount for installment under condonation with restructuring has an interest rate of 6 percent per annum, which shall be fixed for the entire loan term. However, any unpaid monthly amortization after the due date shall incur a 1 percent penalty per month until fully paid or foreclosed.
Further details on the terms and conditions, documentary requirements, and list of HAAMS offices can be viewed at this link https://bit.ly/33cHHSP.
For more details, we advise you to visit the SSS web site at www.sss.gov.ph and follow our official social media accounts. For Facebook, “Philippine Social Security System-SSS”; Twitter, @PHLSSS; Youtube Channel, MYSSSPH; or join our SSS Viber Community “MYSSSPH Udates”; and visit the USSSap Tayo Portal at crms@sss.gov.ph.
Don’t miss the opportunity! Apply now!
Have a great day everyone!
Aurora C. Ignacio is SSS president and chief executive officer.
We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss.gov.ph for topics that you might want us to discuss.