Quick Answer: Can I Pay My SSS Loan In Full?

How can I settle my unpaid SSS loan?

Steps to Applying for the SSS LRPGo to the nearest SSS branch and get two copies of your Statement of Loan Balances for Loan Restructuring Program.Fill out one copy of the SSS Loan Restructuring Application Form.Submit all the requirements to the nearest SSS office..

How much is the 2nd SSS salary loan?

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.

What is SSS loan condonation program?

The LRP with penalty condonation offers member-borrowers an opportunity to settle their past due short-term loans, where penalties are waived through a conditional condonation. … SSS implemented LRP in response to clamor from members who failed to pay their loans due to financial constraints caused by calamities.

How much is the interest in SSS loan?

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.

What will happen if you don’t pay your SSS loan?

The Lender Will Take Back Your Car or Home As a way to recover their losses, lenders will take back the loaned car or house when you fail to repay the loan. For example, if you availed of an SSS housing loan, the SSS will foreclose the property as soon as you’ve failed to make six monthly loan payments.

Can I pay my SSS loan in full?

The LRP allows SSS member-borrowers to settle their overdue loan principal and interest in full or by installment under a restructured term depending on their capacity to pay. For both payment schemes, SSS will waive all the loan penalties after the member has completed paying the restructured loan.

How can I pay my SSS loan balance?

To transact via SBC DigiBanker:Log in to SSS Website ( www.sss.gov.ph) to process your payment and generate the PRN (payment reference number), which will need to be encoded in Digibanker.Login to Digibanker.Go to “E-Government Payments”Go to “SSS ECollection”, and click on “Make SSS eCollection Payment”.More items…

What is monthly salary credit in SSS?

Monthly salary credit salary credit means the compensation base for contributions and benefits related to the total earnings for the month. (The maximum covered earnings or compensation is P16,000 effective January 1, 2014).

What is the maximum SSS salary loan?

SSS members with at least 36 monthly contributions are eligible for the one-month salary loan of up to P15,000. The loanable amount is based on the member’s monthly salary credit (MSC), which is currently at a maximum of P15,000.

How much is the penalty for unpaid SSS loan?

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.

Can I withdraw my SSS contribution?

Unlike Pag-IBIG contributions that can be withdrawn after 20 years, paid SSS contributions cannot be refunded. You can only file a claim for benefits (sickness, maternity, etc.) or claim your pension upon reaching retirement age.

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.

Where can I pay my SSS loan past due?

REPAYMENT TERM AND SCHEDULE OF PAYMENT Payment shall be made at any SSS branch with tellering facility, SSS-accredited bank or SSS-authorized payment center.

How long will I pay my SSS loan?

two yearsYour loan shall be payable within a period of two years in 24 monthly instalments. The schedule of payment shall start on the second month following the date of the loan, due on or before a payment deadline that depends on the digits on your social security number.

How can I check my SSS loan status?

Via SSS Hotline. Another way to check the SSS loan status is by doing it over the phone. The SSS hotline is 1455 at 1-800-10-2255777 toll-free.