GSIS to Restructure Housing Loans

This is good news for those with housing loans from the Government Service Insurance System (GSiS).

Borrowers can now avail themselves of a new housing loan restructuring program. This is to help them settle their arrears and update their accounts. The program started on August 1.  “Borrowers whose accounts are up-to-date may avail of the restructuring through a reduction of the monthly amortization and an extended period of payment,” said GSIS Regional Manager Araceli Santos.

“GSIS will condone unpaid penalties and surcharges. 100 percent discount on unpaid interests, penalties and surcharges will be given to those with less than six months of arrearages. Those with more than six months will get discounts based on their payment record,” Santos added.

Others eligible to avail of the program include those with cancelled deeds of conditional sale but are not yet sold; those under foreclosure proceedings; buyers of rights and heirs of deceased borrowers.

Applicants should get an appointment with the GSIS if they intend to apply for the program.  “Applications will be accepted till December 31 and no fee is to be paid,” Santos pointed out. (CLJD/RGSD-PIA 3)