By Alma L. Tingcang
PAGADIAN CITY - Good news for GSIS housing loan borrowers!
The Government Service
Insurance System (GSIS) will accept applications for its new housing loan restructuring
program beginning August 1, 2013. However, applicants will be entertained
by appointment only.
In a press release, GSIS
President and General Manager Robert G. 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.
PGM Vergara said the
GSIS will condone all unpaid penalties and surcharges and grant extended
payment terms for those qualified to restructure their accounts.
He added, 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.
Eligible under the program are those with foreclosable Real Estate
Loan accounts and cancelled Deed of Conditional Sale (DCS) accounts that have
not yet been sold, 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will be withdrawn.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.
However, 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.
Engr. Leoncito S. Manuel, GSIS branch head here said the program is open to: borrowers whose accounts are
current or up-to-date; awardees of accounts with cancelled deeds of conditional
sale but are not yet sold; accounts under foreclosure proceedings; buyers of
rights; and 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.
Manuel said application
for loan restructuring will be accepted until December 31, 2013. No application
fee is required for the program.