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Manila Bulletin devider Business devider GSIS offers housing loan condonation, installment sale

GSIS offers housing loan condonation, installment sale

Published Dec 23, 2022 03:55 pm

State-run Government Service Insurance System (GSIS) is offering a housing loan and restructuring program for home loan borrowers and installment sale for buyers of its retail housing units.

In a statement, Wick Veloso, GSIS president and general manager, said the two new programs aim to assist the national government's housing efforts and provide comfortable housing and comfortable life to every Filipino.

“If you have an outstanding housing loan with GSIS and are having difficulty in paying the amortization, we can have it restructured with condonation of penalties and surcharges payable in 10-years,” Veloso said.

If the borrower wants to pay in full, Veloso said the pension fund will waive all the unpaid penalties and surcharges, plus 50 percent discount on interest.

Borrowers may also choose to settle first their arrears, he added.

"The installment sale is available to GSIS members who want to buy a house under our Lease with Option to Buy o through a public bidding. The house and lot is payable up to 25-years. If it’s a condominium, the term is up to 20-year, while a vacant lot is 15-years to pay,” Veloso said.

Qualified to avail of the installment sale program are active GSIS members who have paid at least three years of paid premiums; are not on leave of absence without pay at the time of application; have updated premium and loan payments; have no pending administrative or criminal case; and have no active housing loan account with GSIS.

In addition, buyers under installment sale must not be under agencies tagged as suspended; have net take-home pay not lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted; and not be older than 65 years old at the time of maturity of the obligation.

Last year, the pension fund opened the Lease with Option to Buy program.

Under the program, informal occupants of GSIS housing units are given priority to lease the property to provide them the chance to legalize their stay, and ultimately buy the property. Unoccupied GSIS properties for lease are also open to non-members under the program.

The list of GSIS properties for sale and lease under the Lease with Option to Buy may be viewed in the GSIS website.

For inquiries on the restructuring and condonation of GSIS housing accounts, interested parties may email the Housing Accounts Reconciliation Department.

For questions on installment sale of GSIS properties, email the Real Property Accounts Management Department.

Related Tags

Government Service Insurance System Wick Veloso GSIS President and General manager GSIS
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