SSS Issues Guidelines on Loan Moratorium for Housing Loans
The Philippine Social Security System (SSS) is issuing guidelines to impose a two-month grace period for housing loan payments to allow its members more time to settle their dues amid the COVID-19 pandemic.
The pension fund will grant a moratorium on the payment of housing loans for October and November. The guidelines are pursuant to Republic Act 11494, also known as the Bayanihan To Recover as One Act.
SSS Circular 2020-029 states that “Housing loan moratorium shall commence for the applicable month of October with the due date on Nov. 10 up to the applicable month of November with the due date on Dec. 10.”
The circular covers the following:
- Housing loan borrowers or duly-designated successor-in-interest;
- Duly-designated legal heirs with direct individual housing loans;
- SSS employees;
- Overseas Filipino Workers (OFWs);
- Trade Union Members (TUMs);
- Workers Organization Members (WOMs) with direct housing loans; and
- Those with housing loans through participating financial institutions.
Only SSS borrowers who are residents of the Philippines can qualify for the moratorium.
SSS added that direct individual housing loans (including OFWs, TUMs, and WOMs), SSS employees, and housing loans through participating financial institutions must be currently amortizing. The housing loan’s last amortization month must not be earlier than September 2020.
Qualified members are not required to file a request or application to SSS as their housing loan payment terms will automatically be extended for two months.
SSS recently granted a moratorium on short-term loan payments for the months of October and November to provide relief to members during COVID-19.