GSIS offers restructuring for housing loan borrowers

The Government Service Insurance System (GSIS) will accept applications for its new housing loan restructuring program beginning Aug. 1, 2013.

Interested applicants in Metro Manila may call tel. nos. 479-3548, 4793583 and 4793587 to set an appointment. The telephone numbers of GSIS offices in the provinces are found in its website, www.gsis.gov.ph.

To avoid unnecessary waste of the member’s valuable time and ensure they are properly attended to, GSIS will only entertain applicants who have a previous appointment.

GSIS president and general manager Robert Vergara said the program is another initiative of the pension fund to help GSIS housing loan borrowers settle their arrears or update their housing accounts. Vergara said the GSIS will condone all unpaid penalties and surcharges and grant extended payment terms for those qualified to restructure their accounts.
Even those with current accounts will also benefit from the program, as their monthly amortization will be reduced through an extended payment term if they apply for restructuring.

He added that foreclosable Real Estate Loan accounts and cancelled Deed of Conditional Sale (DCS) accounts that have not yet been sold are eligible under the program, saying that by restructuring, the auction of the property may be postponed and the foreclosure case or cancellation of the DCS account will be withdrawn.

The program also grants incentives for accounts with arrears and the borrowers intend to pay in full. Those with arrearages of not more than six months will get 100% discount on unpaid interest, penalties and surcharges. Those accounts with arrearages of more than six months will get discounts based on their payment performance record.

The program is open to: (1) borrowers whose accounts are current or upto(2) awardees of accounts with cancelled deeds of conditional sale but are not yet sold; (3) accounts under foreclosure proceedings; (4) buyers of rights; and (5) heirs of deceased borrowers who will be able to meet the eligibility criteria and documentary requirements. However, borrowers whose properties have been auctioned and who were already issued a certificate of sheriff sale can no longer avail of the program.

Application for loan restructuring will be accepted until Dec. 31, 2013. No application fee is required for the program.