How to Check SSS Loanable Amount

If you're looking to find out the loanable amount you can apply for under the Social Security System (SSS) in the Philippines, it's crucial to understand the factors that affect this amount and the steps required to verify it. The SSS offers various types of loans, including salary loans, calamity loans, and housing loans, each with its own criteria and calculation methods. This guide will walk you through the process of determining your loanable amount, including the necessary steps, eligibility requirements, and the tools available to help you.

Understanding SSS Loan Types

Before diving into the process of checking your loanable amount, it’s important to understand the different types of loans offered by SSS:

• Salary Loan: This is a short-term loan provided to members to help them cover immediate financial needs. The amount you can borrow depends on your average monthly salary credit.
• Calamity Loan: Offered to members who have been affected by natural or man-made calamities. The loan amount is based on the member’s contributions and specific calamity guidelines.
• Housing Loan: Aimed at helping members purchase, construct, or improve their homes. The loan amount is higher compared to salary loans and is based on a variety of factors including the member’s income and contribution history.

Eligibility Criteria

To qualify for an SSS loan, you need to meet certain criteria:

• For Salary Loans: You must be an SSS member with at least 36 months of contributions, with 6 of these contributions made within the last 12 months.
• For Calamity Loans: You must be an SSS member residing in a declared calamity area, with at least 36 months of contributions.
• For Housing Loans: You need to have made at least 24 months of contributions and meet specific income and property requirements.

Steps to Check Your Loanable Amount

1. Log in to Your SSS Account: Access the SSS online portal or mobile app using your credentials. If you don't have an account, you need to register first.
2. Navigate to the Loan Section: Find the loan section in the portal where you can access information about your loan eligibility and amounts.
3. Use the Loan Calculator: The SSS provides online tools like loan calculators to estimate your loanable amount based on your contributions and current standing.
4. Review Your Contribution Records: Check your SSS contribution history to ensure all your payments are up to date and accurately reflected.
5. Consult with SSS Representatives: For precise and personalized assistance, consider visiting an SSS branch or contacting their customer service for help in determining your exact loanable amount.

Loanable Amount Calculation

The calculation of your loanable amount can vary depending on the type of loan:

• Salary Loan Calculation: Typically based on the average of your last 12 months of contributions. For example, if your average monthly salary credit is PHP 10,000, you might be eligible for a loan amount up to PHP 20,000.
• Calamity Loan Calculation: Usually a percentage of your total contributions or a fixed amount based on the severity of the calamity.
• Housing Loan Calculation: Involves a more complex formula that considers your total contributions, monthly income, and the value of the property you are interested in.

Tools and Resources

• SSS Online Portal: Provides access to your contribution records, loan application forms, and calculators.
• Mobile App: Offers similar features as the online portal with the convenience of managing your account on the go.
• SSS Branches: For in-person assistance and to resolve any specific issues related to your loan application.

Key Points to Remember

• Ensure all your SSS contributions are up to date to maximize your loanable amount.
• Regularly check the SSS website or app for any updates or changes in loan policies.
• Consult with SSS representatives for any questions or if you need clarification on the loan process.

By following these steps and utilizing the available resources, you can efficiently determine your loanable amount and proceed with your application.