GSIS chief Veloso says the fund wants to help delinquent members-borrowers keep their homes.

GSIS housing loans: P1.6-B penalties waived, ₱121-M interest discounted

June 17, 2024
7:04AM PHT

The housing debt relief program of the Government Service Insurance System (GSIS) — meant to aid borrowers struggling with housing loan payments — has so far waived P1.6 billion in penalties for members of the state pension fund.

In a stamen, GSIS president and general manager Wick Veloso said a further P121 million worth of interest payment reductions had been granted under the program for 1,143 housing loan borrowers during the first quarter of 2024.

“Our priority at GSIS is to ensure the well-being of our members and our pensioners,” he said. “We are fully committed to help our members successfully manage their housing loans and secure their homes. Our mission is to offer support — eviction is not our goal. We continuously support them and ceaselessly provide viable solutions in times of need."

The GSIS chief explained that this initiative, called the Housing Accounts Restructuring and Condonation Program, aims to provide immediate relief to the most affected members with payments on home loans that are overdue.

This program allows borrowers to lower their monthly payments by restructuring their loans, extending their repayment periods up to 10 years, and securing a 50% discount on the remaining interest if they pay their debt in full.

Borrowers can also pay off their arrears to bring their accounts up to date. Four payment options are available for borrowers: payroll deductions, monthly cash or manager’s checks, post-dated checks, or through the GSIS Housing Online Payment system.

The GSIS also has a Lease With Option to Buy program offers over 13,000 housing units for lease around the country with an option to purchase without downpayments.

Veloso emphasized GSIS's commitment to member well-being and support, aligning with the Marcos administration's 4PH initiative to make homeownership accessible for government workers. Borrowers can restructure loans, extend repayment, or settle arrears with flexible payment options.

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