TED Spread Chart - Data 2008 zh-hant (Photo credit: Wikipedia)Financial IQ Philippines Quick Hit(s):In case you are looking at getting home loan that are less than 1 million pesos, it may be worthwhile to check out SSS. Though I have not personally tried it yet, seems like interest rates were reduced.
State-run Social Security System (SSS) has cut down its interest rates and raised the maximum amount of its housing loans to help members gain wider access to decent shelter at affordable terms.
In a statement, Emilio de Quiros Jr., SSS president and chief executive said members can now borrow up to P2 million, which is double the amount offered in the past, while annual interest rates were reduced by as much as five percent.
“The revised guidelines aim to align SSS housing loan programs to current industry practices. Our longer payment terms and fixed interest rates also make SSS loans competitive to lending facilities offered by other institutions such as banks,” De Quiros said.
The new interest rates for individual members are pegged at eight percent per annum for loan grants of up to P400,000; 9 percent for up to P1 million; 10 percent for up to P1.5 million; and 11 percent for up to P2 million. Interest rates are fixed for a period of 15 years.
Employees, self-employed individuals and overseas Filipino workers with at least 36 contributions, including 24 months of continuous payment of premiums, and have no retirement or total disability claims can borrow. They and their spouse must have no delinquent SSS loans.
"We also increased the P300,000 limit on House Repair and Improvement loans to P1 million. Among those who will benefit are members whose homes were damaged by natural calamities and families who want to expand or renovate their house," De Quiros said.
SSS lowered its 14 percent interest rate to 11 percent for entrepreneurs and developers of subdivisions, condominiums and other residential properties.
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