The Social Security System (SSS) is now selling its foreclosed properties where members can get affordable housing with affordable and flexible payment terms.
Broken down, a total of 88 foreclosed properties are located in the following areas: 10 properties in National Capital Region (NCR), 40 in Central Luzon, five in Southern Luzon, four in Central and Western Visayas, and 29 in Northern and Southern Mindanao.
“For an ordinary worker, buying and owning a house is every Filipinos’ ultimate dream. SSS is here to offer affordable yet decent housing for our members through this special program called Housing and Acquired Assets (HAA).These properties are mostly basic structures which are still subject for improvement or repairs. Members can now call their new property as their investment,” SSS President and Chief Executive Officer Aurora Ignacio said.
Interested members may visit this link for the list of SSS Housing Acquired Assets available for sale bit.ly/3kUrJD0.
- To qualify for the program, the buyer must meet the following requirements:
- A Filipino citizen of legal age;
- At least 18 years old but not more than 65 years old upon maturity of installment sale;
- An SSS member or non-member, may be employed or self-employed individuals, informal sector workers, or Overseas Filipino Workers (OFW);
- Any person (natural or juridical) authorized by law to acquire, own, or hold properties in the Philippines; and
- If a former owner/successor-in-interest (legal spouse, children, and parents) and presently the lawful occupant of the property. They should have a valid lease contract with the SSS and updated in the payment of monthly rent or willing to capitalize back rentals if purchased thru installment can also buy properties.
The HAA are sold on an “AS-IS, WHERE-IS basis where the selling price for disposal will be based on the fair market value of the property or the book value whichever is higher.
Mode of payment is either through cash or installment basis. Interested availees who will purchase or repurchase should also facilitate a down payment to be paid in cash or manager’s check in the amount not less than five percent of the selling price for HAAs of up to P 500,000; or 10 percent of the selling price for HAAs over P 500,000.
If the buyer prefers the cash sale, the balance of the selling price must be settled in full within 30 days upon receipt of the notice of approval of the cash sale. A 10 percent discount of the fair market value will also be given to the buyer if they have chosen the cash sale.
On the other hand, if the buyer opts for installment sale, member must settle the balance within a maximum term of 10 years, or the difference between 65 years and their age on the date of submission of requirements, whichever is lower. Installment sale shall be subject to an interest rate of six percent per annum for a payment term of 1-5 years; 7.5% per annum for a payment term of 6-10 years.
Further, the buyer upon approval of an installment sale, is required to issue 12 post-dated checks (PDCs) covering the first year of amortization payments and 12 PDCs every year thereafter until fully paid. However, payment of the annual Fire Insurance premium will be shouldered by the buyer.
The list of requirements can be accessed through this link https://bit.ly/2YW0Shs. Applicants may submit their application at the 12/F, Housing and Acquired Assets Management Department, SSS Building, Diliman, Quezon City and its regional offices in Baguio, Tarlac, San Pablo, Naga, Cebu, Bacolod, Cagayan de Oro, Davao, and Zamboanga.*