How to Apply for SSS Loan Restructuring Program
Time to settle your past due loans! Here is How to Apply for SSS Loan Restructuring Program or commonly known as SSS Loan Condonation
WHO ARE ELIGIBLE TO APPLY?
- All member-borrowers who have past due Calamity Loans or Salary Loan Early Renewal Program (SLERP);
- Member-borrowers with past due short-term loans living or working in calamity/disaster stricken areas as declared by the National Disaster Risk Reduction and Management Council (NDRRMC) or in the case of Ondoy, by the National Government.
Covered short-term loan programs are as follows:
- Salary Loan
- Emergency Loan
- Educational Loan (old)
- Study Now Pay Later Plan
- Voc Tech Loans
- Y2K Loans
- Investments Incentive Loan
April 28, 2016 – April 27, 2017.
- Secure updated Statement of Loan Balance for Loan Restructuring Program (2 copies) from the nearest submission of this form.
- Accomplish an Affidavit of Residency attesting residence/work address in a covered calamity area when the calamity/disaster happened. Member-borrower with Calamity Loan or Salary Loan Early Renewal Program (SLERP) and Death Benefit filer need not accomplish an Affidavit of Residency.
- Fill ou the Loan Restructuring Application Form (MLP-01263) in one copy.
- If member borrower is personaly applying for the restructuring, present original copy of valid identification cards/documents.
- If representative is filling for the restructuring program, submit the following:
- Special Power of Attorney (SPA) – original copy
- Photocopies of two (2) valid identification cards each of the member-borrower and the filer, at least one (1) with photo and both with signature. Present both original copy of the identification.
- Submit the form to the nearest SSS branch or Foreign Office with the Statement of Loan Balance for Loan Restructuring Program signed in the “Conforme” portion and the notarized Affidavit of Residency (if applicable).
- For the Death, Total Disability or Retirement (DDR) filer who will avail of the Loan Restructuring program, submit this Loan Restructuring Application form, Statement of Loan Balances for Loan Restructuring program together with the DDR claim application.
Click link to open or download the form.
- The loan/s must be past due for a period of at least six (6) months as of the first day of restructuring period.
- The member-borrower:
- Must be living or working in calamity/ disaster declared areas as of disaster date or as of application date. “Living” shall refer to the home address of the member-borrower (See Areas Covered);
- Must be under 65 years old at the end of the installment term;
- Has not been granted any final benefit, i.e. total permanent disability or retirement;
- Has not been disqualified due to fraud committed against the SSS;
- Member-borrowers with final benefits application (Death, Total Disability, Retirement) whose contingency date is on or before the last day of the availment period of the restructuring program. Said final benefit claim must be filed within the availment period.
For covered short-term loan programs, below is the list of covered calamities or disasters declared by NDRRMC as under the state of calamity:
- Ondoy (2009)**
- Sendong (2011)
- Pedring and Quiel (2012)
- Pablo (2012)
- Labuyo (2013)
- Maring (2013)
- Santi (2013)
- Armed Conflict in Zamboanga (2013)
- Bohol and Cebu Earthquake (2013)
- Yolanda (2013)
- Agaton (2013)
- Glenda (2014)
- Mario (2014)
- Ruby (2014)
- Seniang (2014)
- Lando (2015)
- Nona (2015)
The sum of principal and accrued interests of all past due short-term loans of the member-borrower shall be consolidated into one Restructured Loan (RL1).
- Full payment – payable within 30 days from the approval date of restructuring application
- Instalment payment – payable in equal monthly amortization based on payment range as follows: