How to apply for SSS OFW Loan? What are the requirements and the step by step procedures in the application of SSS OFW loan such as salary loan, cash loan and housing loan? We are sharing here the most common type of loan OFWs apply, housing loan.
To avail SSS loans, the applicant must be an active SSS member and meet the specific requirements given by the Social Security System.
Per SSS requirements, you are an OFW if you are a private sector who meets the following criteria:
SSS Loan Requirements for OFW:
- Currently deployed with a contract processed through the POEA or authenticated by the Embassy abroad
- With employment contracts which are awaiting renewal/deployment; however, release of loan shall be made upon renewal/employment
- A Filipino national but who is now a citizen or immigrant of a foreign countries but is interested in buying a housing unit for his family who is still in the country
- A long-term resident overseas Filipinos who wish to avail of housing packages either for themselves when they retire or when they visit the Philippines and/or for their extended families
SSS Loan Benefits for OFW:
As an OFW and as an active SSS member, you are entitled for SSS benefits. To check out the list of benefits, you can go to this page: SSS Benefits. One of them is the availability of housing loan. If you have been working abroad and you have saved some money but it is not yet enough to construct your dream house, do not fret for you can apply for SSS housing loan.
SSS OFW Housing Loan
SSS has launched a special program for OFWs catering to Housing Loan. This program is called Direct Housing Loan Facility for OFWs. It is very helpful and worthy to OFWs because it allows a maximum loanable amount of 2,000,000. 2 million pesos is indeed very helpful in the construction of a house.
It is every person’s dream to have that house not only OFW’s. The good thing about this is that interest rate is lower compared to some major banks interest rates. While major banks usually approve OFW loans easily, it is wiser to apply at SSS first to avail lower interest.
Check out the complete details in this page: SSS OFW Housing Loan