GSIS reduces housing loan fee to 1%

State-run pension fund manager Government Service Insurance System has reduced the service fee imposed on applicants of housing loans under the Garantisadong Mababang Amortization na House En Lot Para Sa’yo, or GMA HeLPS.

GSIS president and general manager Winston Garcia said the lower service fee aimed to entice more buyers to take advantage of the pension fund manager’s housing loan program.

“GMA HeLPS is in line with the vision of President Gloria Macapagal Arroyo of making owning a house very affordable for everybody,” said Garcia.

The agency’s asset disposition program launched in May 2007 aims to recover the investment of the pension fund in cancelled or pre-owned housing loan accounts through the effective disposition of housing units.

It offers the lowest interest rate in the market at 6 percent, compounded annually fixed throughout the term of the loan. It is open to both members and non-members of the GSIS.

Installment buyers are entitled to a maximum repayment term of 30 years but not exceeding the difference between 70 and the buyer’s age at the time of filing the application.

Majority of the housing units under the program are livable and located in subdivisions with complete amenities and existing communities in over 70 locations, including key cities in Metro Manila, Bulacan, Rizal, Leyte, Western Samar and South Cotabato. –Lawrence Agcaoili, Manila Standard Today