GSIS extends housing loan condonation program

by BEN O. DE VERA, Philippine Daily Inquirer, Dec 22, 2018

Government Service Insurance System (GSIS) members who want to avail themselves of the ongoing housing condonation program have been given by the state-run pension fund until Dec. 31 next year to do so.

In a statement, GSIS president and general manager Jesus Clint O. Aranas said the earlier deadline of Dec. 31 this year for housing account condonation has been extended by another year.

“We fully understand the predicament of our housing buyers and borrowers who are struggling to keep their homes, so we heeded their appeal. The program’s cutoff date was moved to December 2019 to help them finally own their houses,” Aranas explained.

“The housing condonation program seeks to lighten the burden of prospective applicants in settling their housing account obligations as it prevents penalty charges from accruing on their unpaid amortization,” he added.

Aranas said the following can avail themselves of the condonation program: active and former members as well as nonmembers with deeds of conditional sale or real estate loan accounts that were in arrears or in default; buyers whose deeds of conditional sale had been cancelled but not yet uploaded as investment property; real estate loan borrowers with foreclosed accounts but the titles of which had not yet been consolidated in the name of the GSIS, and buyers of rights and legal heirs of deceased buyers or borrowers.

For applicants who plan to settle their accounts in full, Aranas said they must first request an appointment as well as a condonation statement of account from a GSIS branch office nearest them.

Despite the extended deadline, Aranas enjoined applicants to avail themselves of the program as soon as they can as those with delinquencies face penalties and surcharges worth 1 percent a month.

“Seize this opportunity to protect your homes—your place of comfort, security and privacy. We all need a place of our own where we come from every morning and return to every night,” the GSIS chief said. —