SSS sells foreclosed properties at preferential rates
The online news portal of TV5
MANILA, Philippines - (UPDATE - 1:16 p.m.) The Social Security System announced on Wednesday that it is selling foreclosed properties at preferential rates and discounts to members and the public.
In a statement, the pension fund said it is offering to members and the general public 305 houses and lots with a combined value of P198.56 million. These properties were acquired by SSS from dacion en pago or payment in kind.
Edgar Solilapsi, SSS officer in charge, said the agency would sell the properties at preferential rates, such as five percent down payment and ten percent discount on selling price for buyers paying in cash.
Prices start at P271,000 for the properties on sale.
Most of the properties, about 60 percent, are located in the National Capital Region and Luzon provinces but interested parties in the provinces can go to the Housing and Asset Management Sections of SSS division offices in their localities.
The interest rate for properties worth P500,000 and below is pegged at 6 percent per annum while 9 percent will be charged for those worth P500,000 and above.
Buyers can pay within a maximum period of ten years through post-dated or managers checks.
"The SSS offer is part of government efforts to reduce the housing backlog by offering its acquired properties at market cost and easy terms. Earnings will also add to the pool of funds of members," Solilapsi said.
The sale of foreclosed houses and residential lots is part of the state-run housing fair program ending on September 30, 2012.
"With the housing fair program, buyers can directly purchase SSS properties through negotiated sale instead of going through public bidding. The property is automatically reserved for the buyer upon down payment," Solilapsi added.
The pension fund has sold nearly 1,300 acquired housing assets with an aggregate value of P626.55 million over the past five years.
For inquiries, those interested can call up the SSS Asset Management Department at 920-6401 local 5123 and 5124, or email email@example.com
Those in the provinces can go to the Housing and Asset Management Sections in SSS division offices all over the country.