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Restructuring Program For GSIS Housing Loan Borrowers Starts August 1, 2013

Good news for Government Service Insurance System (GSIS) borrowers! The GSIS has announced its restructuring program for housing loan borrowers which shall be from August 1, 2013 to December 1, 2013. No application fee is required to avail of the program.

Benefits under the program

GSIS President and General Manager Mr. Robert G. Vergara explained the benefits as follows:

PGM Vergara said the GSIS will condone all unpaid penalties and surcharges and grant extended

GSIS logopayment terms for those qualified to restructure their accounts.

Even those with current accounts will also benefit from the program, as their monthly amortization will be reduced through an extended payment term if they apply for restructuring.

He added that foreclosable Real Estate Loan accounts and cancelled Deed of Conditional Sale (DCS) accounts that have not yet been sold are eligible under the program, saying that by restructuring, the auction of the property may be postponed and the foreclosure case or cancellation of the DCS account will be withdrawn.

The program also grants incentives for accounts with arrears and the borrowers intend to pay in full. Those with arrearages of not more than six months will get 100% discount on unpaid interest, penalties and surcharges. Those accounts with arrearages of more than six months will get discounts based on their payment performance record.

Who are qualified to avail of the program?

The following may avail of the restructuring program:

  1. Borrowers whose accounts are current or up-to-date;
  2. Awardees of accounts with cancelled deeds of conditional sale but are not yet sold;
  3. Accounts under foreclosure proceedings;
  4. Buyers of rights; and
  5. Heirs of deceased borrowers who will be able to meet the eligibility criteria and documentary requirements.

Please note that borrowers whose properties have been auctioned and who were already issued a certificate of sheriff sale can no longer avail of the program.

Appointment required

For efficient service, only those with appointments will be entertained. If you are in Metro Manila, you may call telephone numbers 479-3548, 479-3583 and 479-3587 to set an appointment. If you are in the province, call 847-4747.

GSIS Foreclosed Properties

For those who are wondering about GSIS foreclosed properties, the their list as of July 17, 2013 may be found here.

They are selling the properties on cash and “as-is, where-is” basis. Cash buyers are entitled to a ten percent (10%) discount on the selling price. The full selling price, however, should be paid within thirty (30) calendar days from receipt of the Notice of Approval of the sale. Should you have questions about the list of requirements and other matters, please go to DESK 31 located at Level 3 GSIS Financial Center, Pasay City.


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Cherry Vi M. Saldua-Castillo

Real Estate Broker, Lawyer, and CPA
PRC Real Estate Broker License No. 3187
PRC CPA License No. 0102054
Roll of Attorneys No. 55239

Text by Jay Castillo and Cherry Castillo. Copyright © 2013 All rights reserved.

Full disclosure: Nothing to disclose.

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About Atty. Cherry Vi Saldua Castillo
Atty. Cherry Vi Saldua Castillo is a Lawyer (Roll of Attorneys No. 55239), CPA (PRC CPA License No. 0102054), Real Estate Broker (PRC REB License No. 3187), and Real Estate Appraiser (PRC REA License No. 6918). She was also the 2013 Internal Education Head of REBAP-LMP and 2015 REBAP National Legal Counsel. She's the 2021-2022 chapter president of REBAP-LMP.
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