4,000 GSIS members restructure housing loans

MANILA, Philippines - The Government Service Insurance System said more than 4,000 of its members had already restructured their housing loan accounts with an estimated value of  around P1.9 billion.

According to the GSIS, 60 percent or 2,701 of the total 4,233 members are paying their loan on installment basis while 1,522 have fully paid their housing loans amounting to around P326 million.

GSIS president Robert Vergara said qualified housing loan borrowers have until Dec. 29 to avail of the agency’s housing loan remedial and restructuring program.

Borrowers with current or up-to-date accounts, those whose deeds of conditional sale were cancelled but not yet sold, and those whose accounts are under foreclosure proceedings may apply for loan restructuring.

 The program is also open to buyers of rights and heirs of deceased borrowers subject to eligibility criteria.

 “By restructuring, applicants may save their homes from being sold to other buyers,” Vergara said.

He added that GSIS will condone unpaid penalties and surcharges and grant extended payment terms for qualified applicants under the program.

A 100 percent discount on unpaid interest, penalties, and surcharges await borrowers with arrears of up to six months and those who opt to pay their outstanding balance in full.

Proportional discounts will also be given to those whose arrears are beyond six months based on their payment history, the GSIS said.