You asked: What is SSS loan reconstruction program?

Is there a SSS condonation program for 2021?

The availment period for the condonation program is up to three (3) months which shall commence on 15 November 2021. 1. All member-borrowers with past due loans for at least six (6) months as of the first day of condonation period.

What happens if SSS loan is not paid?

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 still loan in SSS if I have existing loan?

Can I apply for another loan from SSS with an existing loan? A. You can only apply for another salary loan when you have paid at least 50% of the principal or at least half of the term has lapsed. … Your outstanding balance will be deducted from your new loan amount.

How can I pay my SSS loan past due?

How to Pay SSS Salary Loan: A Step-by-Step Guide.

  1. Obtain a Payment Reference Number (PRN).
  2. Pay your salary loan.
  3. Wait for your payment to be posted.
  4. Install the SSS mobile app on your phone.
  5. Log in using your user ID and password.
  6. Click the floating “+” icon.
  7. Under LOANS, select Balance.
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What is SSS loan restructure program 2021?

The Loan Restructuring Program (LRP) allows Filipinos with unpaid SSS loans to settle their outstanding balance under a restructured repayment term. … Loan restructuring makes it easier to pay back what you owe to the SSS. You’ll have to pay only the overdue principal amount plus interest.

Is there amnesty for SSS loan?

The Social Security System (SSS) has granted partial to full amnesty on loan penalties to 58,995 delinquent borrowers who availed themselves of the agency’s Loan Penalty Condonation Program, which is now halfway through its six-month implementation.

What will happen to my SSS loan if I resign?

In case a member-borrower is separated voluntarily, (e.g. retirement or resignation) or involuntarily, (e.g. termination of employment or cessation of operations of the company), the employer shall be required to deduct the total balance of the loan from any benefit(s) due to the employee and shall remit the same in …

What happens if you fail to repay a loan?

When you fail to pay off the borrowed amount even after a certain period of time, the lender will report your loan account as a non-performing asset (NPA) to the credit bureaus. This will severely affect your credit history and bring down your credit score as well.

Where can I pay my SSS loan overdue?

Payment shall be made at any SSS branch with tellering facility, SSS-accredited bank or SSS-authorized payment center.

Can you go to jail for not paying a personal loan?

While you technically can’t be arrested for failing to pay a debt unless it’s a court fee or fine, child support, or tax debt, debt collectors can and will try to have you arrested for contempt of court.

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How many months can I loan again in SSS?

Of those 36 months, six should have been made within the last 12 months. If you’ve contributed for at least 72 months—again, with six of those being made in the last 12 months, you’re eligible for more—you can get a two-month salary loan (twice the average of your latest posted 12 month salary credits).

How much is the maximum salary loan in SSS 2021?

Assuming that your income never changed and you paid your contributions consistently in the last 12 months, the maximum SSS salary loan you can borrow is Php 18,000 for a one-month salary loan and as much as Php 36,000 for a two-month salary loan, provided that you’re qualified for it.