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GSIS opens housing account condonation program

Date Posted: October 30, 2018

State pension fund Government Service Insurance System (GSIS) has launched on October 15, its newest housing account condonation program, which will run until December 31 this year.

Under this program, GSIS is offering full waiver of penalties and surcharges to interested applicants who will pay their housing account obligations in full.

“We are calling on our borrowers to seize this chance to completely secure your homes. This condonation program will also lighten your burden as it will allow you to settle your accounts without having to pay penalty charges from your unpaid amortizations,” GSIS President and General Manager (PGM) Jesus Clint Aranas said.

The pension fund chief also urged all interested applicants to avail of the program before the set deadline to prevent the troubles caused by last-minute filing and avoid further penalties and surcharges of at least one percent per month.

Qualified to apply for penalty condonation are active or inactive members, as well as nonmembers, with deeds of conditional sale or real estate loan accounts that are in arrears or in default.

Accounts that have been cancelled but not yet uploaded as investment property, as well as those which have been foreclosed but the titles have not yet been consolidated in the name of GSIS, may still avail of the condonation program.

Buyers of rights and legal heirs of deceased borrowers may also apply for condonation upon submission of required documents.

Prospective applicants who will settle their accounts in full are advised to request an appointment and condonation statement of account from the nearest GSIS office.

Interested applicants who have inquiries may visit the GSIS website, www.gsis.gov.ph; email HARD@gsis.gov.ph; or call 479-3568 to 69, 479-3581 to 82, or 976-4900 local 3361 to 3364.

Majority of GSIS’s existing housing clients stand to benefit from this program as more than half of its remaining 29,000 housing accounts are for cancellation, foreclosure or have incurred several months of arrears.