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PIA Press Release
2009/06/29

GSIS introduces new program on housing loan restructuring and condonation

by Jennifer P. Gaitano

Butuan City (June 29) -- The Government Service Insurance System (GSIS) introduces its new program on the housing loan restructuring and condonation to all its clientele, held recently during the conducted Dialogue between GSIS and its members in one of the hotels here.

The GSIS Housing Loan and Restructuring and Condonation program is a program wherein delinquent borrowers of the old housing loan program of the GSIS (Bahay ko Program) get a chance to save their homes from foreclosures or cancellation of their Deed of Condonational Sale by paying the restructured amount of the loan. The GSIS implemented this program last April 16, 2009 and will run for 18 months.

According to Ms. Cecil Feleo, Senior Vice-President - Asset, Management Group of GSIS, that those covered by the program include borrowers/instalment buyers of covered accounts notwithstanding that the same borrowers have availed themselves of the benefits of a previous condonation and loan restructuring program; the legal heirs of deceased borrowers/instalment buyers with unpaid loan balances after application of the proceeds of the Housing Loan Redemption Insurance; if any; and successors-in-interest of housing loan borrowers, who have assumed the original mortage or fo instalment buyers who are assignees of Deed of Condonation Sale, as supported by legal documents, including Special Power of Attorney, duly approved by or with consent of GSIS.

Ms. Feleo also emphasized that the amount of the restructured loan shall be the sum of the outstanding loan principal, unpaid principal, accrued interests, insurance premiums, taxes, foreclosure and other incidental expenses, less downpayment and discount on accrued interest, if any.

When asked how much is the interest rate of the program, she said that the restructured balance shall be imposed an interest rate of eight percent per annum compounded annually, fixed throughout the loan term, which is the lowest in the industry today.

"The maximum term of the restructured obligation shall be 30 years, but should not exceed the difference between the borrower's age at the time of application and number 80," added Ms. Feleo.

Meanwhile, Ms. Feleo also stressed that for those who are interested to apply for the program, members just need to get an application form from the Housing and Insurance Group of the home office or from an HI Unit staff in other servicing offices. The list of documentary requirements the applicant needs to submit are indicated in the application form.

GSIS is encouraging its members to visit their regional office whenever they have complaints, requests and queries on the implemented programs and services of GSIS to address issues and concerns immediately. (PIA-Caraga) [top]

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