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Your role as a father is crucial from the moment you…, Car breakdowns are inconvenient but inevitable. SSS allows OFWs to avail of a housing loan for any of these purposes: SSS also requires that the property bought or built through a housing loan be occupied by the OFW-borrower or the immediate family. What are the interest rate and fees? Claim your Benefits as an OFW! Welcome to our OFW community site. }}, Your email address will not be published. You can use these loans for whatever purpose you need. What Are the Visa-Free Countries Filipinos Can Visit? Payment must be made every 15th of the month. Dela Costa, Salcedo Village, Makati City. This means that if you apply in January, you may start paying the loan in April or in the fourth month. OFW-borrowers who are 60 years old at the time of loan application are automatically given the shortest loan term of five years. The applicant must be able to provide sufficient proof of income. Voluntary members, for their part, can pay their January, February and March contribution dues in June 1, 2020 without penalty. The SSS salary loan is payable in 24 monthly installments within two years. – six of which must have been posted within the last 12 months prior to application for CAP. "mainEntity": [ Fernan Nicolas, SSS' concurrent head for public affairs and special division, said that this benefit will be rolled out in two weeks and can be accessed by SSS members by filing an application online. : One-month salary credit (MSC) based on the average of the last 12 MSCs or the total amount of damage, whichever is lower. In case you haven’t made at least 24 months contribution, then you must show proof that your total savings is equivalent to 24 months of contribution. This means that if you apply in January, you may start paying the loan in … ", Follow Venus on LinkedIn. The one-month loan is the average of the borrower’s latest 12 posted monthly salary credits (MSCs) that are rounded to the next higher MSC or the desired loan amount, whichever is lower. Many OFWs do not know that they can avail of salary loans from the Social Security System (SSS) even if they are abroad. If you’re one of them, know that you can apply for an SSS salary loan, an SSS housing loan, or both. You might also know…, Some jobs are naturally riskier than others. Get the STL Acknowledgment Receipt (HQP-SLF-121). Venus is an experienced personal finance writer with a background in digital marketing, public relations, and journalism. This article SSS to offer P20,000 calamity loan amid COVID-19 threat was originally published in GMA News Online. How can OFWs apply for an SSS housing loan? Note: OFW Members may appoint an authorized representative to file an application on their behalf. Check out this comprehensive guide on the SSS loans for OFWs. Who are Qualified to Apply for Pag-IBIG Calamity Loan? For more information about the calamity loan, … Let’s get to know the features of each: SSS members and pensioners who are residing in calamity-stricken areas declared under a state of calamity by the National Disaster Risk Reduction and Management Council (NDRRMC) are qualified under the Calamity Assistance Package (CAP) as a form of support and assistance to members in times of calamities. 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ALSO READ: Pag-IBIG Member Program & Benefits, Your email address will not be published. SSS members who lost their jobs due to the enhanced community quarantine amid COVID-19, for their part, can avail of the SSS' one-time payout under unemployment benefit program which pays the member P20,000 at the maximum, depending on the salary rate. The application for the loan will be online via MY.SSS or through which is under the E-Services menu function. Just like other regular SSS members, OFWs also can avail of a salary loan to meet their immediate cash needs. The application fee is automatically deducted from the loan proceeds. Nicolas then assured SSS members that they can still apply for salary loan even amid the enhanced community quarantine by logging on to SSS defines MSC as “the compensation base for contributions and benefits related to the total earnings for the month.”. }. May form lang online, at ipa-process po ito ng SSS. Debts are a fact of life. Use of this site constitutes acceptance of our Terms and Conditions and Privacy Policy. ","acceptedAnswer": {"@type": "Answer","text": "OFWs are eligible for an SSS salary loan if they’re below 65 years old with at least 36 posted monthly contributions, including six contributions paid within the last 12 months before the month of loan application." This Therapist Shared How Parents Can Navigate the "Invisible Load" Amid COVID-19, DOH to employers: Ensure wellness of workforce's mental health amid COVID-19 pandemic. Does the housing loan require a collateral? OFWs can file an SSS salary loan application through any of the following: SSS offers a low-cost housing program exclusive to OFWs through the Direct Housing Loan Facility for Overseas Filipino Workers. In such cases, the authorized representative will be required to present the following additional documents: authorization letter and printed scanned copies of the OFW’s valid IDs plus original valid IDs of the authorized representative. : Equal monthly installments payable for 24 months with a grace period of three months. The annual interest rate is 10% based on diminishing principal balance, a loan computation method that leads to lower interests as the loan is repaid over time. such as retirement, death, or total permanent disability at the time of application. OFW members may assign a representative to file their SSS calamity loan application. ALSO READ:  “Bayani Family Care” Insurance for OFWs Launched. Thank you for visiting! 21 Exciting Security Bank Credit Card Promos You Shouldn’t Miss, Beginner’s Handy Guide to BPI Credit Card Application Online, Moneymax Reviews: What to Know About Citi Personal Loan, Tala Loan Guide: Everything About Borrowing from Tala Philippines, Buy Now, Pay Later: How to Use TendoPay for Online Purchases, 14 Online Gadget Stores for Your Tech and Gaming Needs This ECQ, 16 Mobile Games to Help Keep Your Mind Off COVID-19, Wireless Internet on the Go: 5 Pocket WiFi Options for Filipinos. Basically, this only means that those who are qualified and can avail this type of loan will be bound by the same rules and guidelines set by Pag-IBIG when availing of a Multi-Purpose Loan.

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