Attention to all housing loan borrowers! The Social Security System (SSS) is currently offering the Housing Loan Penalty Condonation Program until June 30, 2022. Did you miss the Pandemic Relief and Restructuring (PRRP) for housing loan? Take advantage of the HLPCP and avail it now!
What is Housing Loan Penalty Condonation Program (HLPCP)?
The Housing Loan Penalty Condonation Program is a one-month condonation program offered by SSS to all housing loan borrower to pay for their delinquent housing loans without penalties. Under the program, you can pay your loan in full or apply for a restructured term and pay your loan on time without penalties.
This program has already started in May 25 and will end in June 30,2022. Afterwards, the SSS will begin to process the foreclosure of delinquent housing loan accounts.
Who are covered in the Housing Loan Penalty Condonation Program (HLPCP)?
Note that this program is under the Social Security Commission (SSC) Resolution No. 324-s.2022 dated May 18 2022.
All housing loan borrowers, duly designated, successor/s-in-interest/legal heir/s with past due housing loan obligations, whether or not the original or previously restructured term has already expired or housing loans borrowers whose property has been foreclosed and undergone sheriff auction sale with SSS as the winning bidder and the Certification of Sale has not yet been registered, under the following SSS housing loan programs.
1.Direct Individual Housing Loan Program including duplex housing loan accounts.
2. Direct Housing Loan Facility for Overseas Filipino Workers (OFWs/Worker’s Organization Members (WOMs).
*Past due shall mean that the housing loan is delinquent for a period of at least six (6) months of the filing date of application within condonation period.
Who are the eligible applicants under the Housing Loan Penalty Condonation Program (HLPCP)?
1. All housing loan borrowers with past due housing loan obligations.
2. Successor/s-in-interest or Legal Heir/s applicant/s must be an SSS member to avail of Condonation With Restructuring. Otherwise, they shall be allowed to avail of the Condonation Without Restructuring only.
3. Under Condonation with Restructuring, the housing loan account must not be expired, with at least remaining one (1) month of the original or previously restructured loan term.
When is the availment period for Housing Loan Penalty Condonation Program (HLPCP)?
From May 25,2022 up to June 30,2022.
For more details regarding the Housing Loan Penalty Condonation Program (HLPCP) and on how to avail the program, you may visit the circular issued by SSS via this link DownloadContent (sss.gov.ph).
Source: Social Security System