GSIS offers restructuring program for housing loans

MANILA, Philippines — State-run Government Service Insurance System (GSIS) is offering a restructuring program for its borrowers who availed of housing loans.

The pension fund manager opened a housing loan and restructuring program for borrowers.

It also started an installment sale for buyers of its retail housing units to contribute to the government’s overall goal of addressing the housing backlog in the country.

GSIS president and general manager Wick Veloso said borrowers, who are paying off their housing loans with GSIS and are having a hard time with their amortizations, could restructure their payment.

This include the condonation of penalties and surcharges and installment payment of up to 10 years to reduce the amortization.

For borrowers who wish to pay in full, GSIS is removing all unpaid penalties and surcharges as well as extending a 50 percent discount in interest payments.

Members could also settle their arrears first or those obligations that has not received payment by its due date.

“This would allow borrowers to update their accounts even if they are not able to pay off for over six months,” Veloso said.

As to the other program on installment sale, this is available for GSIS members who wish to buy a house under GSIS’ Lease with Option to Buy or via public bidding.

The installment could be paid up to 25 years. Specifically, condominium properties could be paid up to 20 years, while vacant lots could be settled up to 15 years.

Qualified to avail of the installment sale program are active GSIS members who have paid at least three years of paid premiums. Members should also be not on leave of absence without pay at the time of application and have updated premium and loan payments.

Likewise, they should have no pending administrative or criminal case and have no active housing loan account with GSIS.

Furthermore, buyers under installment sale must not be under agencies tagged as suspended and should have net take-home pay not lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted.

Qualified buyers should also not be older than 65 years old at the time of maturity of the obligation.