GSIS offering housing loan condonation, installment sale

Housing loan borrowers and buyers of retail housing units can avail of the Government Service Insurance System (GSIS) housing loan and restructuring program and installment sale program.

In a statement, the GSIS said the two new programs aim to assist the national government's housing efforts and provide “ginhawang bahay, ginhawang buhay to every Filipino.”

"Kung may hinuhulugan kang bahay sa GSIS at nabibigatan ka sa amortization, pwede nating i-restructure ang payment mo na may kasamang condonation ng penalties and surcharges at huhulugan hanggang sampung taon para mas lumiit ang amortization. Kung gusto mong bayaran ng buo, tatanggalin natin lahat ng unpaid penalties and surcharges at bibigyan ka namin ng 50% discount sa interest. Pwede mo ring i-settle lang muna ang arrears mo, para ma-update ang account mo kahit pa mahigit sa anim na buwan nang walang hulog kung ikaw ay may remaining term pa," said GSIS president and general manager Wick Veloso.

(If the amortization you are paying for a house with GSIS is burdening you, we can restructure your payment plus condonation of penalties and surcharges which can be paid up to 10 years to further lessen the amortization. If you want to pay in full, we will remove all the unpaid penalties and surcharges and we will give you a discount of 50% on interest. You may also settle for the meantime your arrears to update your account despite not having contributions for over six months if you still have a remaining term.)

"Ang installment sale naman ay available sa GSIS members na gustong bumili ng bahay sa ilalim ng programang Lease with Option to Buy o kaya sa public bidding. Ang installment ay maaaring bayaran hanggang 25 years. Kung condominium, ang term ay hanggang 20 years at kung bakanteng lote, 15 years to pay," added Veloso.

(The installment sale, meanwhile, is available for GSIS members who want to buy a house under the Lease with Option to Buy program or through public bidding. The installment may be paid for up to 25 years. If you buy a condominium, the payment term is up to 20 years. If it's a vacant lot, it’s 15 years to pay.)

Qualified to avail of the installment sale program are active 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 the pension fund, the GSIS said.

In addition, the pension fund said 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. —LBG, GMA Integrated News