GSIS starts housing loan condonation program

The state-run pension fund Government Service Insurance System (GSIS) starting next month will offer a housing loan condonation program covering more than 15,000 borrowers with unpaid obligations.

In a statement on Friday, GSIS president and general manager Jesus Clint O. Aranas said the waiver will cover 100 percent of unpaid penalties as well as surcharges to both housing buyers and borrowers with past due accounts, as long as they were willing to fully settle their liabilities.

Applications for the condonation program will be accepted by the GSIS until Dec. 31.

“The majority of our existing borrowers stand to benefit from this program as almost 55 percent of our remaining 29,000 housing accounts are for cancellation, foreclosure or have incurred several months of arrears,” Aranas said.

“The program will lighten the burden of our borrowers as it saves them from the heavy load of having to pay the accumulated penalties and surcharges that have been imposed from unpaid amortization. More importantly, it will give them the opportunity to save their homes,” Aranas added.

The program will be made available to all members, whether active or inactive.

Non-members can also avail if they have deeds of conditional sale or real estate loan accounts that were in arrears or in default, the GSIS chief said.

According to Aranas, accounts yet to be canceled nor foreclosed may be condoned.

For those already canceled but yet to be uploaded as investment property by the GSIS, the condonation program may still be made available.

Those whose properties had been foreclosed but the titles of which had not yet been consolidated in the name of GSIS, as well as buyers of rights and legal heirs of deceased borrowers, could also apply.

Applicants who will pay their overdue accounts in full must request a condonation statement of account from GSIS offices.

Late applications will be slapped minimum penalty charges of 1 percent a month, Aranas said.