What Is The Maximum Loanable Amount In SSS?

How much is the maximum loanable amount in SSS?

The maximum loanable amount is P2,000,000.00.

The loan amount granted is the lowest amount based on the following factors: Appraised value of collateral of at least 70% but not to exceed 90%..

How much is the monthly SSS loan?

According to the SSS website, for a one-month loan, the amount is equivalent to the average of the member-borrower’s latest 12 Monthly Salary Credits or MSCs, or the amount applied for, whichever is lower.

How many days is the processing of SSS calamity loan?

90 daysLoans may be filed within 90 days from the declaration of State of Calamity. Members can borrow up to 80% of their Total Accumulated Value (TAV) subject to the terms and conditions of the program. Calamity Loan Interest rate is 5.95% per annum. The loan is amortized over 24 months, with a grace period of 3 months.

How do I know my SSS loanable amount?

How to Check your SSS Loanable Amount Online?Open your Internet Browser and type www.sss.gov.ph in your URL.Login using your User Name and Password. If you do not have an SSS Online Account yet, you may create one. Follow this step by step guide on how to create an SSS Online Account. After successfully loggin in, you will see SSS Menu in your profile.

How much can I loan in SSS for the second time?

Those with at least 72 monthly contributions are entitled to a two-month loan worth twice their salary up to P30,000. SSS computes the actual loan amount by getting the average of the loan applicant’s monthly salary for the last 12 months of employment.

How many years can I loan in SSS?

5 yearsMember must be a member of the SSS; Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application. Member not more than 60 years old at the time of application and must be insurable. Members age 60 years at time of application will have a maximum loan term of 5 …

How much is the loanable amount in Pag ibig?

A qualified Pag-IBIG member shall be allowed to borrow an amount up to a maximum of Six Million Pesos (Php 6,000,000.00), which shall be based on the lowest of the following: The Member’s Actual Need, His Loan Entitlement Based On Capacity To Pay, The Loan-To-Appraisal Value Ratio.

Who is eligible for SSS calamity loan?

The following are the qualifications in order for members to apply for the SSS calamity loan: Members who’ve had at least 36 months of contributions; with six (6) posted within the past 12 months on or before the month of application. Home address of the member should be at a declared State of Calamity.

What happens to unpaid SSS loan?

Any unpaid SSS loan will be deducted from your retirement, death, or disability benefits. The deduction will be huge if you’ve stopped making loan payments for many years.

What happens if SSS loan is not paid?

Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property.

How much is SSS loan interest?

The interest rate is pegged at 10% annually on your outstanding principal balance. That means that the interest you’re paying diminishes over time. You also have to pay a service fee of 1%, plus a penalty of 1% per month for late payments. It takes two to three weeks for SSS to process your application.

How many days does SSS salary loan release?

5. The loan proceeds shall be available to member-borrower’s account within three (3) to five (5) working days from approval date of the loan. The salary loan proceed is accessible through any Megalink, Bancnet and Expressnet Automated Machines.