GSIS HOME LOAN CONDONATION – You can check here the details about the “MaGINHAWAng Bahay, MaGINHAWAng Buhay” program.

One of the benefits in availing state loan offers is that there are usually additional solutions in case some unexpected scenarios take place during the repayment. Many people are aware of the condonation and await the chance for a more affordable way of settling their accounts. Below, you can check the important details about the GSIS Home Loan condonation.

Guide on GSIS Housing Loan Restructuring & Condonation Program

GSIS HOUSING LOAN RESTRUCTURING & CONDONATION – Here is a guide for GSIS members with housing accounts on how to avail the offer.

Millions of Filipinos are members of the Government Service Insurance System or more popularly called GSIS, a state-run social insurance giant. Many of these GSIS members have existing housing accounts.

The good news is that the state-run social insurance giant does not only offer GSIS benefits and loans for its members but as well as programs to help them bring their existing loans and other accounts into a good state.

For members who have existing housing loan accounts, you may avail a GSIS Housing Loan restructuring and condonation under the “MaGINHAWAng Bahay, MaGINHAWAng Buhay” program. It was designed to help the members waive their penalties and avail discounts on interest, longer loan term, and lower monthly due.

According to GSIS, under the program, the unpaid interest will be spread equally over the loan term and those who opt to fully pay the unpaid interest may avail a partial discount. The state-entity set the interest as low as 6% with lower amortization through extended payment term of up to 10 years and waiver of penalties and surcharges.

Here’s a guide on who can avail the GSIS Housing Loan Restructuring & Condonation Program:

For the updating of accounts through full payment of arrearages:

• Deed of Conditional Sale (DCS) accountholders with remaining term and accounts that are up-to-date, in arrears (unpaid for six months or less), or in default (unpaid for more than six months)
• Real Estate Loan (REL) borrowers with remaining term and accounts that are not yet foreclosed or already foreclosed but the redemption period has not expired

For the restructuring with condonation options are:

• DCS accountholders with accounts that are up-to-date, in arrears (unpaid for six months or less), or in default (unpaid for more than six months)
• REL borrowers with foreclosed REL accounts whose certificate of sale (COS) has not yet been annotated on the title subject to full settlement of foreclosure expense and a 20% down payment based on the total outstanding balance of net of penalties and surcharges as date of approval

For the full payment with condonation options:

• DCS accountholders with accounts that are up-to-date, in arrears (unpaid for six months or less), or in default (unpaid for more than six months)
• REL borrowers whose accounts are up-to-date, in arrears (unpaid for six months or less), or in default (unpaid for more than six months) and have been foreclosed whose redemption period have not yet lapsed

To apply for the restructuring or condonation of your housing loan account, there are requirements for GSIS Housing Loan restructuring and condonation that you must prepare and submit to the state entity.