The Social Security System or SSS offers a variety of housing loan options to all its qualified members and one of the housing loan option offered by the agency is the Direct Housing Loan Facility for Workers Organization Members.
Workers' Organization Members or WOMs refer to workers association in the private sector who are duly registered with the Department of Labor and Employment or DOLE, the Securities and Exchange Commission, or the Cooperative Development Authority. It includes any national union, trade union center, federation, local/chapter or independent union described in Book V of the Labor Code.
The SSS Direct Housing Loan Facility for Workers' Organization Members (WOMs) main objective is to provide socialized and low-cost housing for workers who are legitimate members of a duly registered and accredited workers' organization.
WOMs HOUSING LOAN ELIGIBILITY REQUIREMENTS
A Workers' Organization Member is qualified to apply for an SSS housing loan if he or she meets the following eligibility requirements:
- Member must be a member of the SSS.
- Member is a bonafide member of a registered workers' organization in the private sector.
- Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application.
- Member is not more than 60 years old at the time of application and must be insurable. Members who are 60 years of age at the time of housing loan application will have a maximum loan term of 5 years.
- Member was not previously granted an SSS housing loan.
- Member has not been granted final SSS benefits.
- Member and spouse is updated in the payment of their other SSS loan(s), if any.
Note: The spouse of an existing borrower may still qualify for an SSS housing loan if the loan of the existing borrower was obtained prior to the date of marriage and the loan is not delinquent.