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
World Day for Safety and Health at Work
“Safety and health at work every day!”
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 #TakePicturesVideos
Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
