The GSIS Housing Loan Condonation Program, under the “MaGINHAWAng Bahay, MaGINHAWAng Buhay” scheme, is designed to help GSIS members manage their outstanding housing loans.
This program offers a chance to restructure housing loans by waiving penalties and surcharges, providing lower interest rates, and extending repayment terms, making it easier for members to settle their obligations.
Eligibility
The program is open to GSIS members who have existing housing loan accounts, including those with a Deed of Conditional Sale (DCS) or Real Estate Loan (REL) accounts.
Members can choose to update their accounts by making full payments or restructuring their loans under the program’s condonation options.
Here are the categories that qualify:
Deed of Conditional Sale (DCS) Account Holders
If you have a DCS account with GSIS, you are eligible for the condonation program under these conditions:
- Your account is up-to-date, meaning all payments are current.
- Your account is in arrears but has been unpaid for six months or less.
- Your account is in default, meaning payments have been unpaid for more than six months.
No matter the status of your account, whether current or in default, you can still benefit from the program by selecting either full payment of arrears or restructuring your loan.
Real Estate Loan (REL) Borrowers
For REL borrowers, the program includes accounts that fall into the following categories:
- Your REL account has not yet been foreclosed.
- Your REL account has been foreclosed, but the redemption period has not expired.
If your account is already foreclosed, the program also offers restructuring options, provided the certificate of sale (COS) has not been annotated on the title.
However, foreclosed borrowers must pay the foreclosure expenses and make a 20% down payment based on the outstanding balance, minus any penalties and surcharges, at the time of approval.
Program Benefits
The GSIS Housing Loan Condonation Program provides several advantages to help members manage their loan repayments. These benefits include:
1. Waiver of Penalties and Surcharges
Borrowers who apply for loan restructuring can have their penalties and surcharges waived.
This will greatly reduce the total amount you owe, especially if you have defaulted or missed payments in the past.
2. Reduced Interest Rates
The program offers a reduced interest rate of 6% per year, making repayments more affordable.
This lowered rate applies to all eligible borrowers, giving everyone a fair chance to settle their loans.
3. Extended Loan Terms
The program also allows for extended repayment terms of up to 10 years.
This extended period means lower monthly amortizations, making your financial obligations much more manageable.
4. Discounts for Full Payment
If you choose to fully settle your unpaid interest at the time of restructuring, you may be eligible for a partial discount on your outstanding balance.
This is a good option for borrowers who can make a lump sum payment and want to reduce their overall debt more quickly.
How to Apply
To apply for the GSIS Housing Loan Condonation Program, you must follow these steps:
Step 1: Prepare the Required Documents
Before you begin your application, gather the necessary documents, which include:
- A duly completed application form for housing loan restructuring or condonation.
- A photocopy of your GSIS eCard or any two valid government-issued IDs (such as a PhilID or passport).
- Additional documents may be required, depending on the status of your loan, such as proof of payment or foreclosure expenses.
Step 2: Submit Your Application
You can submit your application through the following channels:
- Over-the-Counter at any GSIS Branch: Submit your documents directly at any GSIS office in your area.
- Courier Service: If you are unable to visit a GSIS office, you can send your documents via courier.
- Email: You can also submit your application by emailing scanned copies of your documents to your GSIS handling branch.
- eGSISMO: Apply online through the eGSISMO platform, which offers a convenient and efficient way to process your application from anywhere.
Step 3: Wait for Approval and Confirmation
After submitting your application, GSIS will review your documents and determine if you are eligible for the program.
Once your application is approved, GSIS will provide confirmation and explain your new loan terms, including any applicable discounts or interest adjustments.
Application Form
This form helps you apply for restructuring and condonation of housing loans under the “MaGINHAWAng Bahay, MaGINHAWAng Buhay” program.
By using this program, members can enjoy benefits like waived penalties, lower interest rates, and longer payment terms.
You can easily download the form from the official GSIS website by following this link.
To apply, simply fill out the form and submit it with your GSIS eCard or two valid government IDs.
You can submit your application in several ways: by visiting GSIS branches, sending it via courier, emailing it, or using the online eGSISMO platform.
Payment Options for the GSIS Housing Loan Condonation Program
Once your application is approved, you’ll need to choose how you want to make your payments.
GSIS offers a variety of payment methods to suit different preferences:
- GSIS Branches: You can pay directly at any GSIS branch.
- Accredited Payment Centers: Payments can also be made through GSIS partner centers like Bayad Center, M. Lhuillier, and USSC.
- UnionBank or LandBank Mobile or Web App: If you prefer online banking, you can make payments through the UnionBank or LandBank mobile or web app.
- Salary Deduction: If you are an active GSIS member, you can have your monthly payment automatically deducted from your salary.
- Pension Deduction: If you are a pensioner, you can opt to have your loan payment deducted from your GSIS pension.
Selecting the Best Payment Plan for You
When applying for the GSIS Housing Loan Condonation Program, carefully consider the best repayment plan for your financial situation.
If you can make a full lump sum payment, you can benefit from lower interest rates and discounts.
For those who prefer smaller, more manageable payments, restructuring your loan over a longer term may be the better option.
Final Reminders
- Stay Organized: Keep track of all loan-related documents and make sure you submit everything before the deadlines.
- Monitor Your Payments: Once your loan is restructured, stay on top of your payments to avoid further penalties.
- Reach Out for Assistance: If you have any questions or concerns about the application process, do not hesitate to reach out to GSIS for help.
Conclusion
The GSIS Housing Loan Condonation Program is an excellent opportunity for members to manage their housing loans with more flexible terms.
Whether you choose to fully settle your debt or restructure your payments, this program provides a path towards financial stability.
Take the time to evaluate your situation, gather your documents, and apply for this program to enjoy reduced interest rates, waived penalties, and easier monthly payments.
With the right approach, you can take control of your housing loan and secure a more comfortable future for yourself and your family.