August 15, 2023

Social Security System (SSS) Housing Loans

The Philippine government, through different agencies, offers affordable housing loans that make it possible for the working Filipino to grab the keys to their own home. Essentially, the government housing loans offered can be availed through memberships or monthly contributions.

When you think of the SSS, it’s usually the pension you’d get after retirement that you think of. SSS offers more than a monthly retirement benefit; they also provide benefits for business and housing loans. To date, they’ve given four options for housing loans that you can choose from:

  1. Direct Housing Loan Facility for Workers’ Organization Members

This loan is specifically catered to provide low-cost housing for loyal members of workers’ organization members (WOMs). WOMs refers to DOLE, Securities and Exchange Commission, or Cooperative Development Authority-registered associations of workers in the private sector. Specifically, organizations such as trade union center, federation, national union, local/chapter or independent union as defined in Book V of the Labor Code of the Philippines.

  1. Direct Housing Loan Facility for OFWs

If you are an Overseas Filipino Worker (OFW), you’re in luck as SSS has crafted a loan that is specifically for employees such as yourself.  SSS pin-points for essential qualifications for this specific type of loan:

  1. You are currently employed overseas with a contract that has been processed through the POEA or one that has been authenticated by the Embassy of your country of employment
  2. Has the employment contract for renewal or deployment (Take note that the loan will only be offered upon renewal/employment)
  3. A Filipino that is already a citizen or immigrant of a foreign country but would like to buy a home for their family who lives in the Philippines
  4. Is currently an OFW with a long-term residency abroad but is planning to purchase a home for retirement or simply as a place of residence during visits in the Philippines


  1. House Repair/Improvement Loan

If you currently own a home but feel like it needs to undergo a huge renovation or repair ordeal, this specific option is your best bet. The house repair/improvement loan covers those who want to upgrade their home’s aesthetic value expand their home, complete a bare unit, construct gates or (steel) fences, or is looking into installing deep wells or motor pumps.

This loan isn’t just available through SSS directly, they’ve also tapped accredited participating financial institutions (PFIs) as additional options. Currently, the listed PFIs are:

  • BDO Unibank, Inc.
  • Development Bank of the Philippines
  • Land Bank of the Philippines
  • Philippine National Bank
  • Philippine Veterans Bank
  • Planters Development Bank

(Kindly note that the list may be subject to change without official announcements from SSS)

  1. Assumption of Mortgage

If all the aforementioned options aren’t suited to your state, the assumption of mortgage could be the best option. The Assumption of Mortgage provides loans to existing SSS members with good standing to assume the updated principal balance of an existing SSS loan.

However, it takes more than just being a current SSS member to make the cut. SSS specifies that to be eligible you must meet the following requirements:

  1. Is a current member of SSS with a contribution of at least 36 months, 24 of which were made consecutively in a period before applying for the loan
  2. Is not over 60 years old during the time of application
  3. Does not have an existing SSS housing loan
  4. Has not been granted final SSS benefits
  5. Is current in the payment of any other SSS loans (they also require for the applicant’s spouse to be updated with SSS payments as well)

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