MANILA, Philippines -- The Government Service Insurance System (GSIS) extended the deadline for its housing loan restructuring program by another six months.
The GSIS said borrowers, who have current accounts, have until June 30 this year to apply for the program. The original deadline was December 31.
The program is also available for borrowers whose deeds of conditional sale were cancelled but have not been sold, and those whose accounts are under foreclosure proceedings.
Buyers of rights and heirs of deceased borrowers, who meet the eligibility criteria, may also apply.
However, the GSIS said borrowers whose properties were auctioned and who were already issued a certificate of sheriff sale are not qualified to apply for the program.
Under the housing loan restructuring program, the GSIS will condone all unpaid penalties and surcharges and grant extended payment terms to qualified applicants.
Through the restructuring process, auction of 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be postponed, and the cancellation of the Deed of Conditional Sale (DCS) accounts that have not yet been sold may be withdrawn.
Borrowers who intend to pay their arrears in full will get some discounts. Those with arrears of not more than 6 months will get 100% discount on unpaid interest, penalties and surcharges, while those with arrears of more than 6 months will get discounts based on their payment history.
Also, members with current accounts may benefit from lower monthly amortizations through longer payment periods.