SSS' FORECLOSED PROPERTIES OFFERED AT 5% DEPOSIT

PHILIPPINES LATEST NEWS

2008-10-31 14:02:34 - MANILA. Easier purchasing rules are unveiled at the Housing Fair. SSS relaxes foreclosed housing sale conditions

By Catherine J Teves

The Social Security System (SSS) is offering, through its year-long Housing Fair III program beginning October 2008, more lenient terms for prospective buyers of the agency's acquired residential properties.

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SSS lowered its required downpayment from 10 percent to five percent of a property's selling price which is based, in turn, on its fair market value.

"This

is among the changes we made so that more people can avail of properties the SSS is disposing," the agency's Real Estate Department Section Head Tomas Ramirez said Thursday at the on-going third Housing Fair in Mandaluyong City.

He also said SSS raised from PhP300,000 to PhP500,000 maximum selling price to be levied six percent interest.

Properties selling above PhP500,000, not PhP300,000 as previously required, will be charged nine percent interest.

Ramirez further said SSS adjusted applicants' maximum age limit from 65 to 70 years.

"Sixty-five year-olds can still apply for a five-year housing term," he noted.

He assured properties for sale are covered by fire insurance.

SSS' October 2008 inventory shows 427 single detached houses and other residential properties nationwide, collectively valued at PhP185.97 million, are up for disposal.

Prospective buyers can contact SSS Real Estate Department at (02) 920-64-01 locals 5121 to 5127 to inquire about these properties' location and other details.

To further encourage prospective buyers, Ramirez said SSS increased from five to 10 percent its discount on cash sales made during Housing Fair III.

SSS is also giving buyers an additional 10 percent discount if they're able to evict occupants illegally occupying properties they bought.

This program is SSS' support to the Housing Fair government-run Housing and Urban Development Coordinating Council spearheaded yearly since 2006.

SSS' Housing Fair program aims to help more Filipinos acquire their own houses so nationwide housing backlog can be reduced.

This program also seeks to help dispose SSS-acquired residential properties.

"Through Housing Fairs I and II, SSS was able to sell 454 residential properties worth some PhP198.6 million," Ramirez noted.

He said Filipinos working in both public and private sectors as well as overseas Filipino workers can buy properties under Housing Fair III.

Non-SSS members can also apply for Housing Fair III residential properties, he added.