Victims of Typhoon “Nona” who are members of the Social Security System can avail of a calamity relief package that includes early renewal of salary loans, advance disbursement of pensions and preferential terms for house repair and improvement loans starting on Jan. 4.
SSS assistant vice president for member loans department Boobie Angela Ocay said the calamity relief package will cover areas hit by the typhoon under President Benigno Aquino III’s Proclamation No. 1186 declaring a state of national calamity.
“In this time of need, we offer our assistance to our calamity-stricken members and pensioners so that they can cope and move on faster from the effects of this recent disaster,” Ocay said.
The first program under the calamity relief package is the Salary Loan Early Renewal Program, which waives the required 50 percent completion of loan payment as a qualifying condition for loan renewal.
The SSS is also waiving the one-percent service fee normally charged on SSS salary loans to increase the loan proceeds of members availing of the SLERP.
The SSS grants one-month and two-month salary loans of up to P16,000 and P32,000, respectively, which are payable in two years.
“The heavy rains and floods caused by Typhoon Nona had damaged thousands of houses. To help our affected members to restore their destroyed homes, the SSS is providing a lower interest rate of six percent for home repair and improvement loans as part of the calamity relief package,” Ocay said.
Under the SSS Direct House Repair and Improvement Loan Program offered under the calamity relief package, eligible members can borrow funds of up to P1 million, with payment terms at a maximum of 20 years for locally-employed members and 15 years for overseas Filipino workers.
Pensioners residing in the declared calamity areas can also apply for advance three months worth of pension.
Meanwhile, Ocay reminded members and pensioners covered by the calamity relief package for Typhoon “Lando” – which hit several Luzon provinces in October – that the deadline for them to avail of the SLERP is on Dec. 31 while the deadline for the application for house repair and improvement loans is on Oct. 22 next year.