The Government Service Insurance System (GSIS) has extended its housing condonation and restructuring program until December 2025.
“We aim to update the housing accounts of our borrowers so they can comfortably pay and be homeowners,” Wick Veloso, GSIS president and general manager, said in a statement yesterday.
“The payment can be stretched further by up to 10 years,” he added.
GSIS said it offers full payment options for applicants, including a waiver of all remaining penalties and surcharges, as well as an additional discount on outstanding interest.
According to Veloso, GSIS borrowers have four available payment methods: payroll deductions, monthly cash or manager’s checks, post-dated checks or through the GSIS Housing Online Payment (GHOP).
GHOP is an online payment portal accessible via a borrower’s account with Union Bank of the Philippines.
The housing condonation program is one of three components under the GSIS umbrella program, Pabahay para sa Bagong Bayani na Manggagawa ng Pamahalaan.
A second initiative under the housing program involves constructing and developing mid- to high-rise residential buildings in strategic locations.
These will meet member housing needs in specific areas. The first set of high-rise condos will be built on GSIS properties in Fairview, Quezon City, beginning this year. These two-bedroom units will be available for purchase through installments over 30 years, with no required down payment.
Lastly, the third initiative is the Lease with Option to Buy (LWOB) program in which GSIS leases out available housing units. Priority will be given to current occupants who wish to purchase these units at any point during the lease. Both cash and installment options are available to government employees.
Eligible participants for the LWOB installment sale program include active GSIS members who have paid at least three years’ worth of premiums; have up-to-date premium and loan payments; are not on leave of absence without pay at the time of application; have no pending administrative or criminal cases; and do not have an active housing loan with GSIS.
“GSIS continually seeks to enhance our loan products, helping borrowers make responsible payments while maintaining a healthy pension fund,” Veloso said.
