GSIS goes kind on unpaid home loans
The pension fund is forgiving borrowers with backlog on housing loan payments.
The Government Service Insurance System (GSIS) had good news for members with unsettled dues for home loans.
Starting October, the state-run pensioner will offer a “100% waiver of unpaid penalties and surcharges to housing buyers and borrowers” who are now willing to settle their housing obligations in full.
Applications for the condonation program must be filed by Dec. 31 in order to qualify.
More than half of GSIS housing accounts are already nearing cancellation and foreclosure, so GSIS President and General Manager Jesus Clint Aranas decided it was time to give borrowers one more chance.
“The program will lighten the burden of our borrowers as it saves them from the heavy load of having to pay the accumulated penalties and surcharges that have been imposed from unpaid amortizations. More importantly, it will give them the opportunity to save their homes”, Aranas said in a statement.
Now is the chance to settle once and for all.