Government Service Insurance System (GSIS), a state pension fund, launched its housing account loan condonation program in October 2018, which is extending its effect until June 30, 2022.
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What is the GSIS Condonation Program?
GSIS is offering a full waiver of penalties and surcharges under this program to interested applicants who pay their housing loan condonation account obligations in full. Borrowers benefit from the program because it relieves them of the burden of having to pay the accumulated penalties and surcharges imposed by unpaid amortizations. More importantly, it allows them to save their houses.
Who is eligible to apply?
Active or inactive members, as well as nonmembers, who have conditional sale deeds or real estate loan accounts that are in arrears or in default, are eligible to apply for GSIS’s loan housing condonation program 2022.
Accounts that have been canceled but not yet uploaded as investment property, as well as those that have been foreclosed but the titles have not yet been consolidated in GSIS’s name, are still eligible for the condonation program.
Buyers of rights and legal heirs of deceased borrowers may also apply for condonation upon submission of the necessary documents.
How to settle your GSIS condonation account?
Prospective applicants who intend to settle their accounts in full should contact the nearest GSIS office and request an appointment and a condonation statement of account.
What are the benefits of the GSIS condonation program?
The 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 up for cancellation, foreclosure, or have accumulated several months of arrears.
They extended the program until June 2022 to make it easier for more inactive members who want to apply for condonation or continue repayment of loans under the program.
The one-time GSIS housing condonation program covers a variety of service loans, including salary loans, cash advances, consolidated loans, emergency loans, educational assistance loans, and policy loans, among others.
GSIS encouraged its inactive members to apply for the program, which gives them the option to pay their loan balances in three-year installments at 10-percent interest per annum.
How to pay for the GSIS Condonation Program?
They stated that those who want to be part of the one-time loan condonation program may do so by paying directly in GSIS offices or through “Bayad” centers.
If the borrower is a retiree who will receive the pension at the age of 60 or after five years, the payment may be deducted from his or her pension. If the loan is to be paid by the legal spouse, he or she may have it deducted from his or her GSIS survivorship pension or pay at any Bayad partner outlet nationwide.
Interested applicants 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. – WhatALife!