Starting October, the Government Service Insurance System will offer a 100-percent 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 Dec. 31.
“Majority of our existing borrowers stand to benefit from this program as almost 55 percent 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.