Ginhawa for All Housing Account Restructuring and Condonation Program

Home Ginhawa for All Ginhawa for All Housing Account Restructuring and Condonation Program

The Ginhawa for All Housing Account Restructuring and Condonation Program provides existing housing account buyers or borrowers an opportunity to bring their housing accounts back to current status. It encourages full payment due to waiver of penalties and partial discount on interests effectively reducing the balance on housing accounts.

Benefits
– easier for housing buyers and borrowers to restructure or fully pay their housing obligations;
– unpaid interest will not be capitalized but will be spread equally over the term;
– partial discount on unpaid interest for those who will opt to fully pay;
– interest to as low as 6%;
– lower amortization through extended payment term of up to 10 years;
– waiver of penalties and surcharges; and
– grace period for accounts that has never been restructured with arrearages due to delayed remittance of the first monthly amortization.

WHO CAN AVAIL

Eligible to apply for the UPDATING of accounts through full payment of arrearages are:
– Deed of Conditional Sale (DCS) accountholders with remaining term and accounts that are up-to-date, in arrears (unpaid for six months or less), or in default (unpaid for more than six months); and
– Real Estate Loan (REL) borrowers with remaining term and accounts that are not yet foreclosed or already foreclosed but the redemption period has not expired.

Eligible to apply for the RESTRUCTURING with condonation options are:
– DCS accountholders with accounts that are up-to-date, in arrears (unpaid for six months or less), or in default (unpaid for more than six months). Those with disputed cancelled DCS already uploaded as acquired asset but not yet sold may also apply; and
• with disputed cancelled DCS already uploaded as acquired asset but not yet sold provided that up-to-date accounts are restructured to lower the interest rate to 6% or lower the monthly amortization; and
– REL borrowers with:
• with foreclosed REL accounts whose certificate of sale (COS) has not yet been annotated on the title subject to full settlement of foreclosure expense and a 20% down payment based on the total outstanding balance of net of penalties and surcharges as date of approval.

Eligible to apply for full payment with condonation options are:
– DCS accountholders with accounts that are up-to-date, in arrears (unpaid for six months or less), or in default (unpaid for more than six months). Those with disputed cancelled DCS already uploaded as acquired asset but not yet sold may also apply; and

– REL borrowers whose accounts:
• are up-to-date, in arrears (unpaid for six months or less), or in default (unpaid for more than six months); and
• have been foreclosed whose redemption period have not yet lapsed.

Requirements for Application

To apply for housing account restructuring and condonation, submit the following:
1. properly accomplished application form
2. valid ID

• PhylSys ID
• employee/company ID
• driver’s license
• Professional Regulation Commission (PRC) ID
• senior citizen’s ID
• SSS ID
• COMELEC/voter’s ID/registration form
• NBI clearance
• Integrated Bar of the Philippines ID
• firearms license
• AFPSLAI ID
• PVAO ID
• AFP beneficiary ID
• BIR (TIN) ID
• Pag-IBIG ID
• person with disability ID
• solo parent ID
• 4Ps ID
• barangay ID
• PhilPost ID

3. Latest Real Property Tax Declaration covering the land and improvement, if any
4. Real Property Tax Clearance (Land and Building)
5. Proof of paying capacity of the buyer or borrower and co-maker
6. Latest payslip
7. Certificate of employment with compensation
8. Other source of income

For deceased housing account buyer/borrower, the legal heirs or successor-in-interest should submit the following additional documentary requirements:

Legal heirs:
1. Deed of Adjudication of Sole Heir or Deed of Extra-Judicial Settlement (for 2 or more surviving heirs) and Special Power of Attorney (SPA) from co-heirs authorizing the applicant-heir to apply for condonation and receive the title
2. Affidavit of publication of the adjudication and extra-judicial settlement from the publishing company
3. Philippine Statistics Authority (PSA) -issued death certificate of borrower/buyer
4. PSA-issued marriage contract of borrower/buyer, if applicable
5. PSA-issued birth certificate of all heir/s
6. IDs of all heirs (see above listed valid IDs)

Successors-in-Interest
1. If original borrower and spouse are still living, photocopy of the following must be submitted and the original presented:
• SPA from original housing account buyer/borrower authorizing the successor-in-interest to apply and receive the title
• PSA-issued marriage contract of borrower/buyer, if applicable
• valid IDs (see above)

2. If original buyer, borrower or spouse is deceased, photocopy of the following must be submitted and the original presented:
• SPA from original housing account buyer/borrower authorizing the successor-in-interest to apply and receive the title
• Deed of Adjudication of Sole Heir or Deed of Extra-Judicial Settlement (for 2 or more surviving heirs)
• Affidavit of publication of the adjudication and extra-judicial settlement from the publishing company
• PSA-issued death certificate of the original housing account borrower, buyer, or spouse
• PSA-issued marriage contract of the original housing account borrower, buyer, if applicable
• PSA-issued birth certificate of heir/s
• Valid IDs (see above)

3. To transfer rights for DCS accounts, submit the following:
• Transfer of rights documents such as deeds of sale, conveyance of assignment duly signed by both parties
• Duly executed SPA (valid for 1 year from date of notarization)
• Duly accomplished Condonation and Restructuring Application Form
• Photocopy (original to be presented) of the GSIS eCard, UMID, passport, PhilID or any two (2) of the above valid IDs
• Latest real property tax declaration
• Real property tax clearance certificate for current year

4. If the original borrower or spouse is deceased, the heirs who will execute the Deed of Transfer of Rights and SPA must present the following:
• Deed of Adjudication of Sole Heir or Deed of Extra-Judicial Settlement (for two (2) or more surviving heirs) plus SPA from co-heirs authorizing the applicant to apply for condonation
• PSA-authenticated death certificate of the borrower
• PSA-authenticated marriage contract of the borrower, if applicable
• PSA-authenticated birth certificate of heir/s; and
• Valid IDs (see above)

Modes of payment

1. For full payment and updating of account:
o Cash
o Manager’s Check
o Debit from Union Bank of the Philippines account

2. For restructuring:
o Deduction from member’s salary
o Cash
o Manager’s check
o Post-dated checks
o Debit from Union Bank of the Philippines account
o External Payment Service Provider (Bayad)

Full updating of arrearages for qualified in-default accounts with remaining term without need to submit condonation and restructuring documents shall be allowed, provided that the penalties and surcharges incurred shall also be settled in full.

Step-by-step Procedure

Step 1: Request for updated statement of account (SOA)
The borrower/buyer may submit the request for reconciliation and SOA through any of the following:

• postal mail or courier
• email
• phone call
• other GSIS modes or system of appointment

Step 2: Wait for notification on status of request.
Step 3: Attend counselling appointment to discuss SOA and submit documentary requirements.

Download the  APPLICATION FORM

Contact Details

Real Estate Asset Disposition and Management Office
Housing Accounts Reconciliation Department
hard@gsis.gov.ph or call 79764900 loc. 3361 to 3364