THE Government Service Insurance System (GSIS) on Thursday extended its housing loan restructuring program.
Members of the GSIS who did not meet the December 31, 2013 application deadline for the housing loan restructuring program may still apply until June 30, 2014 after its extension.
According to GSIS, the program is open to borrowers whose accounts are current or up-to-date, whose deeds of conditional sale were cancelled but which are not yet sold and whose accounts are under foreclosure.
Buyers of rights and heirs of deceased borrowers who meet the eligibility criteria are also qualified to apply under the program.
However, borrowers whose properties were auctioned and who were already issued a certificate of sheriff sale are no longer qualified.
Under the program, GSIS will condone all unpaid penalties and surcharges and grant extended payment terms to qualified applicants.
By restructuring, the auction of the properties under the foreclosable Real Estate Loan accounts may be postponed and the cancellation of the Deed of Conditional Sale (DCS) accounts that have not yet been sold may be withdrawn.
An incentive also awaits borrowers who intend to pay their arrears in full.
“Those with arrearages of not more than six months will get 100 percent discount on unpaid interest, penalties and surcharges. While accounts with arrearages of more than six months will get discounts based on their payment history,” the GSIS said.
In addition, members with current accounts may benefit from lower monthly amortizations through longer payment periods.
For the convenience of members, GSIS is implementing a by-appointment-only policy. This aims to avoid unnecessary waste of the members’ valuable time and ensure they are properly attended to. RITCHIE A. HORARIO