Date Posted: January 9, 2014
Members of the Government Service Insurance System who did not meet the December 31, 2013 application deadline for the housing loan restructuring program may still apply until June 30, 2014 after it was extended by the pension fund.
The program is open to borrowers whose accounts are current or up-to-date; whose deeds of conditional sale were cancelled but which are not yet sold; and whose accounts are under foreclosure.
Buyers of rights and heirs of deceased borrowers who meet the eligibility criteria are also qualified to apply under the program.
However, borrowers whose properties were auctioned and who were already issued a certificate of sheriff sale are no longer qualified.
Under the program, GSIS will condone all unpaid penalties and surcharges and grant extended payment terms to qualified applicants.
By restructuring, the auction of the properties under the foreclosable Real Estate Loan accounts may be postponed and the cancellation of the Deed of Conditional Sale (DCS) accounts that have not yet been sold may be withdrawn.
An incentive also awaits borrowers who intend to pay their arrears in full. Those with arrearages of not more than six months will get 100% discount on unpaid interest, penalties and surcharges. While accounts with arrearages of more than six months will get discounts based on their payment history.
In addition, members with current accounts may benefit from lower monthly amortizations through longer payment periods.
For the convenience of members, GSIS is implementing a by-appointment-only policy. This aims to avoid unnecessary waste of the members’ valuable time and ensure they are properly attended to.
Interested applicants in Metro Manila may call telephone numbers 479-3548, 479-3583 and 479-3587 to set an appointment. To contact GSIS provincial offices, applicants may call the GSIS’s contact center at 847-4747.
Application to the housing loan restructuring program is free of charge.