THE Government Service Insurance System (GSIS) is continuing to encourage Filipinos to avail themselves of its newest housing account condonation program before the end of the offer period on December 31.
According to the GSIS, the housing account condonation program aims to enable availees to secure their homes through the settlement of their respective accounts in full without having to pay penalty charges.
The GSIS said in a statement on Wednesday that it had launched on October 15 its newest housing account condonation program which will run until December 31.
Under the condonation program, the GSIS is offering full or 100 percent
waiver of penalties and surcharges to interested applicants who will pay their housing account obligations in full.
“We are calling on our borrowers to seize this chance to completely secure your homes. This condonation program will also lighten your burden as it will allow you to settle your accounts without having to pay penalty charges from your unpaid amortizations,” GSIS President and General Manager Jesus Clint O. Aranas said.
The GSIS said that the majority of its existing housing clients stand to benefit from the housing condonation program as more than half of its remaining 29,000 housing accounts are for cancellation, foreclosure or have incurred several months of arrears.
The agency pointed out that qualified applicants for the penalty condonation program are 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.
“Accounts that have been canceled 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 themselves of the condonation program,” the GSIS said.
It added that buyers of rights and legal heirs of deceased borrowers may also apply for condonation upon submission of the required documents.
Prospective applicants who will settle their accounts in full are advised to request an appointment and condonation statement of account from the nearest GSIS office.