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GSIS reminds borrowers of Dec. 29 deadline for housing loan restructuring

Date Posted: December 23, 2014

President and General Manager (PGM) Robert G. Vergara of the Government Service Insurance System (GSIS) announced that qualified housing loan borrowers may still avail of its housing loan remedial and restructuring program by setting an appointment until 29 December 2014.

Borrowers with current or up-to-date accounts, those whose deeds of conditional sale were cancelled but not yet sold, and those whose accounts are under foreclosure proceedings may apply for loan restructuring.

The program is also open to buyers of rights and heirs of deceased borrowers subject to eligibility criteria.

“By restructuring, applicants may save their homes from being sold to other buyers,” PGM Vergara said.

He added that GSIS will condone unpaid penalties and surcharges and grant extended payment terms for qualified applicants under the program.

A 100% discount on unpaid interest, penalties, and surcharges await borrowers with arrears of up to six months and will choose to pay their outstanding balance in full. Proportional discounts will also be given to those whose arrears are beyond six months based on their payment history.

Metro Manila applicants may call telephone numbers 479-3548, 479-3583, and 479-3587 to set an appointment. Those in the provinces may call the GSIS Contact Center at 847-4747.

Some 4,223 borrowers have already restructured their housing loan accounts amounting to over P1.9 billion to date. Of this total, 1,522 borrowers or 36% have fully paid their housing loans equivalent to P326 million, while 2,701 or 64% are paying their loan on installment basis amounting to P1.6 billion.