STATE-RUN pension fund Government Service Insurance System extended its housing account condonation program until Dec. 31, 2019 to give prospective applicants more time to pay their housing accounts.
GSIS general manager Jesus Clint Aranas said in a statement the agency decided to extend the condonation program following the appeal of GSIS members who were struggling to keep their homes.
“The program’s cutoff date was moved to December 2019 to help them finally own their house,” Aranas said.
The housing condonation program seeks to lighten the burden of prospective applicants in settling their housing account obligations, as it prevents penalty charges from accruing on their unpaid amortizations.
Active and former GSIS members, as well as nonmembers, with deeds of conditional sale or real estate loan accounts that are in arrears or in default may avail of the program.
Also qualified to apply for penalty condonation are buyers whose deeds of conditional sale have been cancelled but not yet uploaded as investment property, as well as real estate loan borrowers with foreclosed accounts but the titles of which have not yet been consolidated in the name of GSIS.
Buyers of rights and legal heirs of deceased buyers or borrowers may also apply.
Aranas encouraged interested buyers or borrowers to apply for condonation as soon as possible to avoid incurring further penalties and surcharges of at least one percent a month.
“Seize this opportunity to protect your homes—your place of comfort, security, and privacy. We all need a place of our own where we come from every morning and return to every night,” he said.
Applicants who will settle their accounts in full should request an appointment and condonation statement of account from the nearest GSIS office.