GSIS grants longer grace period for HELP borrowers in Yolanda areas

Home Loans emergency loan GSIS grants longer grace period for HELP borrowers in Yolanda areas

Date Posted: June 9, 2014

Government Service Insurance System (GSIS) President and General Manager Robert G. Vergara announced that the pension fund is extending the grace period for the payment of amortization of Home Emergency Loan Program (HELP) borrowers in Yolanda-hit areas until November this year.

“We hope that the deferment of the collection due date under HELP will enable our members in Yolanda-hit areas to focus their resources in rebuilding their homes and going back to their normal lives”, Vergara said.

HELP borrowers were originally scheduled to start paying their first monthly amortization in July this year. However, a lot of borrowers have not yet recovered from the devastation of the typhoon. This prompted the pension fund to lengthen the grace period to several more months.

Earlier, GSIS similarly extended a moratorium on all loans of members and pensioners in hard-hit Yolanda-hit areas until October 2014.

The GSIS opened the HELP window in January this year to assist Yolanda victims to rebuild their homes destroyed by the calamity. Under HELP, members working or residing in areas hard-hit by Yolanda may apply for a loan based on their total length of service in the government. Members who have been in the government for 10 years or more may borrow a maximum amount of Php200,000 while those who have been in the service for five years or more but less than 10 years, may take out up to Php100,000. In addition, those who have been in the service for less than five years may obtain a maximum loan of Php30,000.

To date, GSIS already released P9.7 billion under HELP to around 67,495 members. The amount represents 67% of the P14.5-billion financial assistance extended to Yolanda-hit members and pensioners.

The other programs implemented by the GSIS to help Yolanda victims included the grant of loan moratorium for members and pensioners living or working in worst-hit areas; an enhanced emergency loan with a higher credit limit of Php40,000 for members with outstanding emergency loan balance; and for the first time, a pensioners’ emergency loan of Php20,000.

For inquiries on HELP, members may call the GSIS contact center at 847-4747