The Government Service Insurance System yesterday unwrapped a housing loan package with a fixed interest rate of 8 percent and an easy repayment period up to 30 years.
Winston Garcia, GSIS president and general manager, said the demand for mass housing units by government employees is expected to balloon with the introduction of what he called the best housing loan program in the country. “You can’t find a program that provides more security to the borrowers anywhere else in the market. We practically gift-wrapped this program to our members so they can afford to buy a house of their own,” Garcia said.
Although some banks might offer the same or even lower interest rate, only GSIS offers a fixed term totally independent from the loan value, Garcia said.
Unlike the state-run pension fund manager, commercial banks recompute the interest rate every year based on market trends, Garcia said.
Under the new program, GSIS will charge each borrower 8-percent interest rate compounded annually and fixed for the entire term of the loan. Repayment is from five years to 30 years.
“This interest rate applies to any approved loan amount,” Garcia said.
The maximum loanable amount will be based on the appraised value of the property, and the paying capacity of the borrower.
The loan may be used to purchase a vacant lot or a house-and-lot package, or a condominium or a townhouse intended for residential use. The repayment of loan could be in five, 10, 15, 20, 25 or 30 years but should not exceed the difference between 80 and age of borrower at the time of application.
The loan should be paid either through payroll deduction, post-dated checks or direct payment.
Last year, GSIS generated P313 million from the sale of 344 foreclosed house-and-lot units.
Another state-run fund, Pag-IBIG, also offers housing loans for as low as 7 percent for a loan of P750,000 or lower. Pag-IBIG caters to private sector employees while GSIS serves some three million government employees and retirees from public service. -Lawrence Agcaoili, Manila Standard Today
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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