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Unpaid SSS Loan? Here’s How to Apply for the SSS Loan Restructuring Program

Venus Zoleta

Venus Zoleta

Last updated February 02, 2022

If you have an SSS loan that hasn't been paid for years, this is your chance to settle it. The SSS Loan Restructuring Program is one of the debt relief schemes offered by the Social Security System to help members settle their unpaid loans without penalties.

This debt relief program is also to help members who have been affected by the pandemic. It covers housing loans, salary loans, and other short-term member loans. Here’s everything you need to know about the 2021 SSS loan restructuring program.

What is the SSS Loan Restructuring Program?

SSS loan restructuring program - PRRP 5

The SSS Loan Restructuring Program (LRP) allows Filipinos with unpaid SSS loans to settle their outstanding balance under a restructured repayment term. Qualified SSS members can avail of the program for three months starting November 15, 2021.[1]

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. After completing the repayment for the restructured loan, you’ll no longer pay the penalty fee you’ve accumulated after years of non-payment

Key Features of a Restructured SSS Loan

  • Pay only the loan principal and interest upon satisfaction of certain conditions
  • Waived penalty for full payment of principal and interest
  • Lower annual interest rate of 3% (versus the 10% annual rate of the SSS Salary Loan)
  • One-time payment or monthly installments within the prescribed period

How the SSS Loan Restructuring Program Works

The SSS Loan Restructuring Program has different terms and conditions for short-term loans[2] and housing loans.[3] 

SSS Loan Restructuring Program for Short-Term Loans

Payment OptionHow It WorksConditionsBenefit
One-time paymentPay the Consolidated Loan in full within 30 days after receiving the approved Penalty Condonation Application.
  • No partial or installment payment of the Consolidated Loan
  • Single payment transactions within the period only
Waived penalties for loans paid within 30 days
Installment termPay 50% in full within 30 calendar days and pay the remaining 50% in six monthly installments.
  • Single payment transaction only for the 50% down payment (Consolidated Loan) within the prescribed period. No partial or installment payment.
  • The remaining 50% (Restructured Loan 1) should be paid within six months in equal monthly installments after the first 50% of the loan is paid.
  • 3% interest per annum and 1% penalty charge for unpaid installments
  • Penalties for the original loan will be disregarded once the loan is fully paid off within the approved 6-month period.

As you can see on the table, SSS member-borrowers will be given two payment options. If you choose a one-time payment, you need to settle the entire loan within one month for the penalties to be waived. You can’t make installments or partial payments even within the given 30-day period. This is a single payment transaction only. 

The second option is through installment terms. Pay 50% of the Consolidated Loan in full within 30 days in a single payment transaction. The remaining 50% will then become Restructured Loan 1, or RL1. It will be paid in six monthly installments with an interest rate of 3% per annum. Any missed RL1 installment payments will incur a 1% penalty charge.

SSS Loan Restructuring Program for Housing Loan

Payment OptionHow It WorksConditionsBenefit
Condonation Without RestructuringPay the entire loan amount in full including legal expenses, interests, and insurance dues within 90 days from receiving the approved Penalty Condonation Application.Full, one-time payment. The applicant can use up to 3 SSS payment forms or transaction receipts in a day to settle the loan.Waived penalties for the housing loan
Condonation with RestructuringPay 50% of the entire loan amount in full including legal expenses, interests, and insurance dues within 90 days of receiving the approved Penalty Condonation Application. Pay the other 50% of the loan in 12 monthly installments on or before the 10th day of each month.Applicants need to pay a PHP 500 processing fee, and the receipt should be attached to the Loan Condonation Application form.It’s also the applicant’s responsibility to pay the real property tax. Certified or authenticated copies of the receipts and tax clearance should also be submitted upon application.Waived penalties for the housing loan

The SSS Loan Restructuring Program for Housing Loan also provides two payment options for member-borrowers. 

If you apply for the Condonation Without Loan Restructuring option, make sure to pay the full amount within 90 days. 

Moreover, if you opt for the Condonation with Loan Restructuring, note that the SSS will pursue mortgage foreclosure if you default on the restructured loan for accumulated arrears equivalent to at least six monthly amortizations. 

Non-compliance with the terms and conditions of both options will either revert the penalties or have your property foreclosed immediately. 

Why Should You Apply for Loan Restructuring?

Any unpaid SSS loan will be deducted from your retirement, death, or disability benefits. The deduction will be huge if you've stopped making loan payments for many years. So while there's a chance to settle your SSS loan through a restructuring program, take advantage of it to ensure you'll receive your final SSS benefits in full.

Availing of the LRP also enables you to clear your loan records with the SSS. It will certainly help improve your credit score because of the reduced debt.

Who Can Avail of the SSS Loan Restructuring?

Qualified for loan restructuring are borrowers with past due loans for at least six months as of November 15, 2021. The LRP covers the following short-term SSS loans:

  • Salary Loan
  • (SLERP) Salary Loan Early Renewal Program
  • Calamity Loan
  • Emergency Loan
  • Restructured Loan under the Loan Restructuring Program (LRP) implemented in 2016 to 2019

SSS member-borrowers also need to meet certain conditions to be eligible for loan restructuring:

  • Below 65 years old at the end of the repayment term
  • Have not been granted any final SSS benefit before the LRP period
  • Or have not been disqualified because of fraud against the SSS
Personal loan in the Philippines

SSS Loan Restructuring Application Requirements

To apply for the SSS Loan Restructuring Program, here are some of the requirements you need to prepare and submit:

  • Any of the following valid IDs:
    – One primary valid ID (SSS ID, UMID card, passport, driver’s license, PRC card, or Seaman’s Book)
    – Two secondary valid IDs (company ID, Pag-IBIG Member Data Form, Marriage Certificate, PhilHealth ID, NBI Clearance, Police Clearance, Postal ID, Senior Citizen ID, etc.)
  • Two copies of the Statement of Loan Balances for Loan Restructuring Program
  • DDR Claim Application Acknowledgement Letter (for those with death, disability, or retirement claims only)
  • Accomplished SSS Loan Restructuring Application Form[4]
  • Tax clearance and authenticated/certified real property tax receipts (for Housing Loan Condonation with Restructuring Program applicants)
  • Affidavit of Residency for applicants with Calamity/Salary Loans

Additional Requirements for Authorized Representatives

OFW members who cannot personally apply for LRP can assign a representative to file the application on their behalf. In addition to the requirements listed above, authorized representatives also need to submit the following documents:

  • One primary valid ID or two secondary valid IDs of the authorized representative
  • Scanned copy of the Letter of Authority (LOA)[5] with signatures of the SSS member and authorized representative
  • Copy of the email request of the SSS member showing the email addresses of the sender and recipient

How to Apply for the SSS Loan Restructuring Program

All member- borrowers who want to apply for the SSS Loan Restructuring Program can only do it online.

Unless you are a Permanent Total Disability, Death, and Retirement applicant, or the beneficiary of a deceased member-borrower who has a Death Claim Application filed online or over the counter at any SSS branch within the prescribed period. You'll automatically qualify for the condonation program.

SSS loan restructuring program - other conditions

To apply for the loan restructure program online, follow the steps below.

  1. Have an active My.SSS account. If you still don't have one, register for an SSS account online.
  2. Log in to your My.SSS account and click Apply for Loan Penalty Condonation (STMLPCP/PRRP5) under the E-Services tab.
  3. Select your preferred term and submit the application together with the Certification and Undertaking and Promissory Note.
  4. You'll receive the Notice of Loan Approval in your My.SSS inbox and in your registered email.
  5. Pay the issued STMLPCP PRN within the approved due date. You can do this at any SSS accredited collecting partners, bank,  non-bank or SSS branches with a tellering facility.

SSS Loan Restructuring Program FAQs

1. When can I apply for the SSS Loan Restructuring Program?

You can apply for a loan restructuring for your short-term loan from November 15, 2021 until February 14, 2022. For housing loan restructuring, member-borrowers can apply from November 22, 2021 until February 22, 2022. 

2. What is considered a past due SSS loan?

Any SSS loan account unpaid for at least six months will be considered past due and will qualify for loan condonation. 

3. Will I qualify for the SSS Loan Restructuring Program if I’ll turn 65 years old within the repayment period? 

Yes, but you’ll need to make a full one-time payment for your loan. 

4. What will happen if I fail to pay my restructured loan within the agreed terms?

SSS loan restructuring program - RL1 and RL2 penalties

For restructured short-term loans, the unpaid principal/balance within the six month period will become part of a new restructured loan (Restructured Loan 2). The RL2 will incur a 10% interest rate per annum until it’s fully paid. 

For restructured housing loans, non-payment and delinquency will entitle the SSS to foreclose the property. 

5. What if I fail to settle the amount of my consolidated loan within 30 days? 

In case you can’t settle the full amount or the 50% down payment, you can submit a condonation application again before the last day of the program in February 2022. 

Final Thoughts

The SSS Loan Restructuring Program is a relief provided to member-borrowers who have been hit by financial difficulties during this pandemic. Availing of the program will help you fix your delinquent status with the SSS and make it easier to apply for other SSS benefits again in the future.

Although the repayment terms may still be a challenge for some members, prioritize paying your SSS loan so you can enjoy your benefits in full and easily make a claim when the need arises.

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Venus leads the blog content strategy and optimization at Moneymax as the Head of Editorial Content. She has 15+ years of experience in content marketing, corporate communications, and public relations. Venus graduated cum laude with a Journalism degree from the University of the Philippines Diliman. Before joining Moneymax, Venus had written informative guides and articles, specializing in personal finance and digital marketing. She also invests in stocks, mutual funds, VUL, and Pag-IBIG MP2. A hardcore Hallyu Tita, she enjoys bingeing K-dramas on Netflix while bonding with her rescued cats. Follow Venus on LinkedIn.