Starting October, the Government Service Insurance System (GSIS) will offer a 100% waiver of unpaid penalties and surcharges to housing buyers and borrowers with past due accounts and are willing to settle their housing obligations in full. The deadline for the submission of application to the condonation program is on December 31.
“Majority of our existing borrowers stand to benefit from this program as almost 55% of our remaining 29,000 housing accounts are for cancellation, foreclosure or have incurred several months of arrears,” GSIS President and General Manager Jesus Clint Aranas said.
“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”, the pension fund chief added.
Aranas said the program is open to active or inactive members, as well as nonmembers, with deeds of conditional sale or real estate loan accounts that are in arrears or in default. Only accounts that have not yet been cancelled nor foreclosed are eligible for condonation.
However, accounts that have been cancelled but not yet uploaded as investment property, as well as those which have been foreclosed but the titles of which have not yet been consolidated in the name of GSIS, may still avail of the condonation program.
Buyers of rights and legal heirs of deceased borrowers may also apply for penalty condonation.
“We would like to remind all interested applicants to avail of the program before the set deadline to prevent the troubles caused by last-minute filing and avoid further penalty charges of at least one per cent per month,” Aranas explained.
He advised prospective applicants who will pay their overdue accounts in full to request a condonation statement of account from the nearest GSIS office.
The application forms, requirements, and terms and conditions are available online at www.gsis.gov.ph.
Interested applicants may also email HARD@gsis.gov.ph or call 4793361 to 64 for inquiries or clarifications.
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