THE Government Service Insurance System (GSIS) said on Wednesday that it extended a waiver on housing loan penalties to December 2025.
“Our purpose is to update the housing accounts of our borrowers to reduce their spending so they can become homeowners. They can extend the payment by 10 years, as long as the buyer or borrower does not reach 70 years old,” GSIS President and General Manager Jose Arnulfo A. Veloso said in a statement.
Among the program’s full payment options, applicants may avoid all remaining penalties and surcharges, or avail of an additional discount on outstanding interest, the pension fund for government employees said.
GSIS members can pay through payroll deductions, monthly cash or manager’s checks, or post-dated checks, Mr. Veloso said.
They also have the option of using the GSIS online payment portal accessible through a Union Bank of the Phils., Inc. account, or the GSIS Housing Online Payment system.
The housing condonation program is a feature of the GSIS Pabahay sa Bagong Bayani na Manggagawa ng Pamahalaan program.
The other parts of the program are the construction of medium to high rise residential buildings for member housing and the Lease with Option to Buy (LWOB) program.
The member housing program’s first phase will be high-rise condominiums to be built on GSIS properties in Fairview, Quezon City this year.
“These two-bedroom units will be available for purchase through installments over 30 years, with no required down payment,” GSIS said.
Meanwhile, the LWOB program leases out available housing units with priority given to current occupants who wish to purchase the units during the lease. Government employees have the option of paying via cash or installment. — Aaron Michael C. Sy