The SSS Home Loan Restructuring and Penalty Concession Program

Since 1958, the Social Security System has provided financial support to its members to acquire their dream home through the SSS Housing Loan Program.

Given the current pandemic situation, it is understandable that some of our SSS members have been heavily impacted in terms of employment status as well as ability to pay, resulting in delayed home loan payments.

For this reason, SSS initiated the Home Loan Restructuring and Penalty Concession Program
(HLRPCP) on November 22, 2021 under its Pandemic Relief and Restructuring Program or PRRP 4 to assist delinquent home loan borrowers, their legal heirs or designated successors by waiving penalties on their overdue home loans. Overdue means the home loan is overdue for a period of at least six months from the date the application was filed during the grace period.

I am pleased to share the good news with our delinquent home loan borrowers that the application period for the HLRPCP has been extended from February 22, 2022 to May 21, 2022 to allow them more time to prepare and submit their applications. In addition, the eligibility requirements for applicants with inheritance rights and legal heirs have been relaxed to allow applicants with inheritance rights and legal heirs who are inactive or not members of the SSS to apply for the HLRPCP and take advantage of the concession without loan restructuring / One-time payment only.

To recap, the home loan programs covered by the HLRPCP are Individual Direct Home Loans, including Duplex Home Loan Accounts, and the Direct Home Loan Facility for OFWs/TUMs as well as the direct loans for home repairs and improvements, with borrowers eligible for forgiveness. with or without restructuring.

Under the HLRPCP, eligible applicants for PRRP 4 are all home loan borrowers or assignees (who have assumed the original mortgage, as shown in their supporting documents) or legal heirs with overdue home loan. In the event that the borrower is already deceased, his legal heirs must have settled the property judicially or extrajudicially.

Applicant successors and legal heirs must be members of the SSS with at least 12 continuous contributions prior to application and a total of at least 24 monthly contributions to qualify for forgiveness with loan restructuring. Otherwise, they will only be eligible for tolerance without restructuring.

The tolerance of the sentence can be invoked with or without the restructuring plan.

Borrowers of home loans or their duly nominated successor/in-interest/legal heir/s with home loans in arrears and with at least one month remaining of the original home loan term or previously restructured have the possibility of availing themselves of the tolerance with restructuring.

On the other hand, home loan borrowers and duly named legal successors/successors/heirs with a home loan in default and whose original or previously restructured term has already expired, or whose property has been seized and made subject to an auction by Sheriff Sale with SSS as the winning bidder and the Certificate of Sale has not yet been registered may avail of the No Restructuring Forgiveness Only.

Under the No Restructuring Tolerance, applicants must pay a one-time payment of their unpaid principal, interest, insurance premiums, and legal fees, either in cash or by check from the director within 90 calendar days of receipt of the notice of approval of the request.

While under the forbearance with restructuring, applicants must pay 50% down payment of unpaid principal, interest, insurance premiums and legal fees within 90 calendar days of receiving notice of approval of the request. In the meantime, the remaining 50% will be paid in 12 equal monthly installments. The first monthly amortization will begin the month following the date SSS has received the 50% deposit from the applicant. For example, if the applicant paid their 50% deposit in February 2022, the first monthly amortization will begin in March 2022. In subsequent months, payment must be made no later than the 10th day of the month following the applicable date. month.

The payment amount under the forgiveness with restructuring has an interest rate of 6% per annum, which must be fixed for the entire term of the loan. However, any unpaid monthly amortization after the due date will incur a penalty of 1% per month until fully paid or garnished.

Further details on terms and conditions, document requirements and list of HAAMS offices can be found at this link

For more details, we advise you to visit the SSS website at 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 [email protected]

Do not miss the opportunity! Apply now!

have a great day everyone!

Aurora C. Ignacio is President and CEO of SSS.

We welcome your questions and ideas on the topics we discuss. E-mail [email protected] for topics you would like us to discuss.

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