State pension fund Government Service Insurance System has extended anew the deadline for the housing loan remedial and restructuring program until 29 December 2014 to accommodate more applicants. This is the third time GSIS extended the deadline since the program was launched in August 2013. More than Php1.5 billion accounts have so far been restructured covering a total of 3,000 borrowers. Of these, 1,049 or 34% have already fully paid their housing loans amounting to Php223 million while 1,996 or 66% opted to pay on instalment totalling Php1.2 billion.
Borrowers with current or up-to-date accounts; whose deeds of conditional sale were cancelled but not yet sold; and whose accounts are under foreclosure proceedings may apply for the program. The program is also open to buyers of rights and heirs of deceased borrowers subject to eligibility criteria. Under the program, GSIS will condone unpaid penalties and surcharges and grant extended payment terms for qualified borrowers who opt to restructure their housing loans.
Discounts will be given to applicants who intend to pay their outstanding obligations in full. Those with arrears of up to six months will get 100% discount on unpaid interest, penalties and surcharges while those with arrears beyond six months will receive discounts based on their payment history. GSIS has also made it convenient for them to pay their obligations by spreading the payments over a longer period at lower monthly amortizations for those who are qualified.
By restructuring, qualified applicants may save their houses from being sold to other buyers. GSIS is enforcing a by-appointment-only policy to ensure applicants are properly attended to when they visit and avoid unnecessary waste of their time. Metro Manila applicants may call telephone numbers 479-3548, 479-3583 and 479-3587 to set an appointment. Applicants based in provincial offices, may call the GSIS’s contact center at 847-4747. (PR)
