SSS to sell 88 foreclosed properties

State-run Social Security System (SSS) is selling its foreclosed properties with affordable and flexible payment terms.

In a statement, Aurora C. Ignacio, SSS president and chief executive officer said a total of 88 foreclosed properties located across the country are now up for sale.

Broken down, 10 properties are in National Capital Region (NCR), 40 in Central Luzon, five in Southern Luzon, four in Central and Western Visayas, and 29 in Northern and Southern Mindanao.

“For an ordinary worker, buying and owning a house is every Filipinos’ ultimate dream. SSS is here to offer affordable yet decent housing for our members through this special program called Housing and Acquired Assets (HAA),” Ignacio said.

The SSS properties are mostly basic structures which are still subject for improvement or repairs.

Interested members may visit the SSS Housing Acquired Assets website to check the available properties.

To qualify for the program, the buyer must be a Filipino citizen of legal age, but not more than 65 years old upon maturity of installment sale.

The HAA are sold on an “AS-IS, WHERE-IS” basis where the selling price for disposal will be based on the fair market value of the property or the book value whichever is higher.

Mode of payment is either through cash or installment basis.

Interested availees who will purchase or repurchase should also facilitate a down payment to be paid in cash or manager’s check in the amount not less than five percent of the selling price for HAAs of up to P500,000; or 10 percent of the selling price for HAAs over P 500,000.

If the buyer prefers the cash sale, the balance of the selling price must be settled in full within 30 days upon receipt of the notice of approval of the cash sale. A 10 percent discount of the fair market value will also be given to the buyer if they have chosen the cash sale.

On the other hand, if the buyer opts for installment sale, member must settle the balance within a maximum term of 10 years, or the difference between 65 years and their age on the date of submission of requirements, whichever is lower.

Installment sale shall be subject to an interest rate of six percent per annum for a payment term of one- to five-years; 7.5 percent per annum for a payment term of six to 10-years.

Further, the buyer upon approval of an installment sale, is required to issue 12 post-dated checks (PDCs) covering the first year of amortization payments and 12 PDCs every year thereafter until fully paid.

However, payment of the annual Fire Insurance premium will be shouldered by the buyer.

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Article was originally published in Manila Bulletin and written by Chino S. Leyco.