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Manila Bulletin devider Business devider GSIS introduces no-down-payment housing program

GSIS introduces no-down-payment housing program

Published Jul 15, 2024 10:02 am

State-owned Government Service Insurance System (GSIS) has introduced a new housing program tailored for government employees featuring zero down payment.

Wick Veloso, GSIS president and general manager, announced on Monday, July 15, that the launch of this new program, which enables borrowers to choose from a selection of 12,000 GSIS-owned properties nationwide.

Under the GSIS Pabahay program, government workers can secure a property without an initial down payment. Instead, eligible individuals will acquire the properties through installment payments, making homeownership more accessible to members.

Veloso said the program has been redesigned to cater better to the specific housing needs of its members.

“By eliminating the down payment requirement and offering a long-term installment plan, we are not just making homeownership more achievable for our members — we are providing an accessible and affordable housing program," Veloso said.

"This combination of features is designed to open doors that were previously closed to many of our dedicated public servants,” he added.

During the GSIS stakeholders’ meeting in Laoag, the GSIS announced that the new program had received previous approval from the GSIS Board of Trustees.

The Board has given its approval for the updated guidelines, which will now allow current lessees to purchase their homes on an installment basis without any down payment.

Veloso said that they are examining additional changes to enhance and revamp the Lease With Option to Buy (LWOB) program, making it more attuned to its members’ requirements.

Applicants need to be active GSIS members with updated premium contributions, permanent employment status, a minimum of three years of service, and a net take-home pay of at least P6,000 after loan deductions.

“This program is about recognizing that those who dedicate their lives to serving our nation deserve a real shot at the Filipino dream. No more impossible cash requirements. No more deferred dreams. Just a clear path to a place they can finally call their own,” Veloso added.

Related Tags

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