SSS offers 88 foreclosed housing properties for sale

MANILA, Philippines — State-run Social Security System (SSS) is offering to its members 88 foreclosed house and lot units nationwide under its Housing and Acquired Assets (HAA) program.

SSS president and CEO Aurora Ignacio said the foreclosed assets include 10 properties in Metro Manila, 40 in Central Luzon, five in Southern Tagalog, four in Visayas and 29 in Mindanao.

As foreclosed assets, the houses and lots were taken by the SSS from their former owners who failed to deliver on their payment duties. In turn, the agency sells them to its members, who want to own a house, but require flexibility on settlement schedule and terms.

“These properties are mostly basic structures, which are still subject for improvement or repairs. Members can now call their new property as their investment,” Ignacio said.

Under the HAA, the properties are sold on an as-is, where-is basis, wherein the buyer acquires the asset based on its book value or fair market value, whichever is higher.

The buyer also needs to make a downpayment in cash or check worth five percent of the selling price for properties of up to P500,000, and 10 percent for assets over P500,000.

According to Ignacio, the buyer can choose to pay the property in cash or by installment.

Should the buyer opt for a cash payment, the balance of the selling price should be completed within 30 days upon the receipt of the notice of approval. The SSS, in turn, will give a 10 percent discount based on the fair market value to cash-based buyers.

On the other hand, installment-based buyers should finish their payment within a maximum term of 10 years, or the difference between 65 and their age, whichever is lower. Under this scheme, the SSS charges an interest rate of six percent per annum for payment schedules of up to five years, and 7.5 percent per annum for six to 10 years.

Upon approval of installment payment, the SSS requires the buyer to issue 12 post-dated checks (PDCs) for the first year of amortization and 12 PDCs every year thereafter until he/she completes the purchase.

Properties sold in Metro Manila range from a low of P540,000 for a one-story unit in Marikina City, to a high of P7.08 million for a two-story bungalow in Parañaque City.