GSIS Housing Loan Program
Under the Housing Loan Program, GSIS is offering its members a basement low interest rate of only eight percent per annum compounded annually, regardless of the approved loan amount, fixed during the whole repayment period from a minimum of five years to 30 years.
The Housing Loan Program covers the purchase of a residential lot or residential house and lot covered by the Transfer Certificate of Title (TCT) or an Original Certificate of Title (OCT), as well as a part of the entire parcel of real property which is intended for residential use and is covered by the Condominium Certificate of Title (CCT).
The repayment of loan shall be in five, 10, 15, 20, 25 or 30 years but should not exceed the difference between 80 and age of borrower at the time of application.
The loan shall be paid either through payroll deduction, post-dated checks or direct payment.
The maximum loan amount that can be granted to a member shall be the lowest of the following: 90 percent of the appraised value of the property; the selling price; the maximum loan amount computed based on the paying capacity; and the amount applied for.
In case the paying capacity of the principal borrower is not sufficient to cover the monthly amortization of the loan applied for, one co-borrower may be allowed provided the co-borrower is a GSIS member who has the same qualifications as the principal borrower and is related to the borrower within the 1st degree of consanguinity or affinity; or a non-GSIS member who is the legal spouse of the principal borrower or is a relative up to the first degree of consanguinity, with most recent Individual Tax Returns for three years prior to the loan application.
A member can only avail of one loan under this Program.
Who are eligible to apply for the Housing Loan Program?
The following GSIS active members are eligible to apply:
1. permanent and regular government employee
2. temporary, contractual, or casual employee who is in active status with at least three years of continuous service immediately preceding the filing of application
3. elected official and co-terminus employee who are in active status with at least one year of continuous service immediately preceding the filing of application.
The applicant’s agency must also not be suspended due to non-remittance of the mandatory social insurance contributions and any loan amortization. This shall be a continuing requirement until the release of the loan proceeds.
How can members apply for the Housing Loan Program? To apply, interested members just need to get an application form from the Housing and Insurance Group of the home office or from an HI Unit staff in other servicing offices.
GSIS Housing Loan Program
Under the Housing Loan Program, GSIS is offering its members a basement low interest rate of only eight percent per annum compounded annually, regardless of the approved loan amount, fixed during the whole repayment period from a minimum of five years to 30 years.
The Housing Loan Program covers the purchase of a residential lot or residential house and lot covered by the Transfer Certificate of Title (TCT) or an Original Certificate of Title (OCT), as well as a part of the entire parcel of real property which is intended for residential use and is covered by the Condominium Certificate of Title (CCT).
The repayment of loan shall be in five, 10, 15, 20, 25 or 30 years but should not exceed the difference between 80 and age of borrower at the time of application.
The loan shall be paid either through payroll deduction, post-dated checks or direct payment.
The maximum loan amount that can be granted to a member shall be the lowest of the following: 90 percent of the appraised value of the property; the selling price; the maximum loan amount computed based on the paying capacity; and the amount applied for.
In case the paying capacity of the principal borrower is not sufficient to cover the monthly amortization of the loan applied for, one co-borrower may be allowed provided the co-borrower is a GSIS member who has the same qualifications as the principal borrower and is related to the borrower within the 1st degree of consanguinity or affinity; or a non-GSIS member who is the legal spouse of the principal borrower or is a relative up to the first degree of consanguinity, with most recent Individual Tax Returns for three years prior to the loan application.
A member can only avail of one loan under this Program.
Who are eligible to apply for the Housing Loan Program?
The following GSIS active members are eligible to apply:
1. permanent and regular government employee
2. temporary, contractual, or casual employee who is in active status with at least three years of continuous service immediately preceding the filing of application
3. elected official and co-terminus employee who are in active status with at least one year of continuous service immediately preceding the filing of application.
The applicant’s agency must also not be suspended due to non-remittance of the mandatory social insurance contributions and any loan amortization. This shall be a continuing requirement until the release of the loan proceeds.
How can members apply for the Housing Loan Program? To apply, interested members just need to get an application form from the Housing and Insurance Group of the home office or from an HI Unit staff in other servicing offices.
GSIS Housing Loan Program
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