SSS offers over 600 foreclosed properties

STATE pension fund Social Security System (SSS) is offering 660 foreclosed housing properties at bargain prices, some for as low as P90,000.

The acquired house and lots would be sold during a three-day housing fair by the SSS this month.

SSS president and chief executive officer Emilio de Quiros Jr. said the agency will accept an affordable five percent downpayment for SSS’s houses and lots, some for as low as P90,000, during its Housing Fair 2010 in a Mandaluyong city mall.

“We urge everyone to drop by the Housing Fair. The event allows buyers to purchase acquired properties through negotiated sale instead of tedious bidding process,” he said.

SSS offers low annual interest rates of six percent for houses and lots worth P500,000 and below, and nine percent for properties worth more. It also grants a ten percent discount to buyers who pay in full.

The SSS assets include foreclosed properties and those offered as payment through dacion en pago. In case two or more buyers are interested in the same property, the SSS will sell to the first person who pays the downpayment.

De Quiros said the SSS offers a maximum payment term of ten years and buyers can pay until age 70 in cash or through managers or post-dated checks.

“I’m glad that through the housing fair program, SSS is able to make it easier for Filipino families to achieve their dream of owning a home,” he said.

The housing fair carries the theme “Gaganda ang Buhay sa Sariling Bahay.” It features properties of various government agencies such as the Housing and Urban Development Coordinating Council, National Housing Authority, Home Development Mutual Fund, Government Service Insurance System, Bangko Sentral ng Pilipinas and SSS.

The state pension agency earlier reported releasing a total of P38.23 billion in member benefits in the first semester of this year, up seven percent from the P35.65 billion rolled out in the same period last year.

SSS also implemented an amnesty for its delinquent members and their employers, which it said would translate to P3.9 billion in fresh revenues covering 25,300 employers.

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