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July 19, 2024

SSS rolls out PRN system for seamless housing loan payments

Beginning this month, the Social Security System (SSS) is mandating that housing loan borrowers furnish a payment reference number (PRN) for their loan repayments.

This initiative is geared towards simplifying payment procedures and ensuring immediate crediting to loan accounts.

Emphasizing the move towards real-time processing of loans, SSS president and CEO Rolando Ledesma Macasaet highlighted the enhanced convenience this shift will bring to borrowers.

He said the PRN system enables instantaneous posting of payments to individual loan accounts, streamlining operations and boosting efficiency.

“The PRN assigned to housing loans is a uniquely generated identifier linked to each borrower’s billing statement, specifically designed to distinguish housing loans from other SSS loan programs,” Macasaet elaborated.

Under the directive, borrowers under the Direct Individual Housing Loan Program and Direct Housing Loans for Overseas Filipino Workers, Workers’ Organization Members, and Trade Union Members must adhere to the PRN requirement for all payments.

Pedro T. Baoy, SSS senior vice president for Lending and Asset Management Group, announced that SSS will issue monthly billing statements containing the PRN to borrowers via their registered email addresses and mobile numbers.

“We strongly urge our housing loan borrowers to maintain updated contact details with SSS to ensure timely receipt of the PRN necessary for each housing loan payment transaction,” Baoy advised, emphasizing the importance of a seamless payment process.

Baoy further noted that borrowers can obtain their PRN from designated SSS offices such as the Housing and Acquired Assets Management Department, Investments Accounting Department, or Member Loans Department at the SSS main office in Quezon City.

Each loan type will have a distinct PRN, ensuring clarity in payment submissions.