MANILA, Philippines - The Government Service Insurance System (GSIS) has extended the deadline for its housing loan restructuring program by another six months or until June this year.
In a statement, the state pension fund said member-borrowers with current accounts have until June 30 to avail of the program.
Under the program, the GSIS will condone all unpaid penalties and surcharges and grant extended payment terms to qualified applicants.
The program is open to borrowers whose deeds of conditional sale were cancelled but which are not yet sold and whose accounts are under foreclosure.
Buyers of rights and heirs of deceased borrowers who meet the eligibility criteria are also eligible to apply.
However, borrowers whose properties were auctioned and those who were already issued a certificate of sheriff sale are no longer qualified, the GSIS pointed out.
Under the restructuring process, the auction of the properties under the foreclosable real estate loan accounts may be postponed and the cancellation of the deed of conditional sale (DCS) accounts that have not yet been sold may be withdrawn.
Borrowers who intend to pay their arrears in full is qualified to receive incentives. Those with arrears of not more than six months will get 100 percent discount on unpaid interest, penalties and surcharges while accounts with arrears of more than six months will get discounts based on their payment history.
In addition, members with current accounts may benefit from lower monthly amortizations through longer payment periods.
Application to the housing loan restructuring program is free of charge, the GSIS said.