One-year housing loan moratorium from GSIS
Posted on November 8th, 2009
As its assistance to it members who were affected by typhoons Ondoy and Pepeng, the Government Service Insurance System (GSIS) has started the implement of its one-year moratorium program for members.
The state-owned pension fund for government employees said the moratorium particularly applies to members’ Housing Loan and Consolidated Loan (ConsoLoan) accounts. The proposal to provide the one-year moratorium to members was approved earlier by the GSIS Board of Trustees to assist those affected by the recent calamities.
The agency believes that the giving members moratorium, typhoon victims would be able to attend to more important financial concerns like food, clothing, relocation and repair of their houses.
GSIS president and general manager Winston Garcia said, “The moratorium is really for those who cannot afford to pay the monthly amortization of their Housing Loan or their ConsoLoan because they need to use their money for reconstruction and other repair works in the aftermath of Ondoy and Pepeng.”
All Housing Loan and ConsoLoan Accounts not declared in default as of September 30, 2009 are eligible for the program. Member borrowers with arrears can avail of the moratorium, but their moratorium period shall be limited to the difference between 12 months and the number of months in arrears.
This one-year moratorium program covers amortizations within the month of October 2009 up to September 2010. Members who shall be granted consolidated and housing loans during the moratorium period shall not be allowed to avail of the program.
Eligible members who want to avail of the program should to their respective agency authorized officer (AAO) and inform them that they would like to avail of the one-year moratorium. The AAO then shall provide GSIS with a list of availing borrowers.
Those who have issued postdated checks (PDCs) for the amortizations of their housing loan accounts should inform the GSIS that they would like to avail of the program. They would then be able to retrieve their checks corresponding to the moratorium period. In turn, they should issue 12 new checks for the resumption of their amortization effective October 2010.
