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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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