March 4, 2024 – Here are the latest list of GSIS foreclosed properties, now under Lease With Option to Buy or LWOB. This is a different kind of “rent-to-own” scheme from the GSIS. Details below.
GSIS Lease With Option to Buy List of Properties (LWOB)
For easy searching and filtering, I have uploaded all the GSIS properties that are for Lease With Option to Buy into my database. To view the list, click on the button/link below.
==>Click to view GSIS Lease With Option to Buy List of Properties
Alternately, you may also view the listings in PDF format below:
- NCR GSIS Lease With Option to Buy list as of January 31, 2024 (pdf viewer/download)
- Luzon GSIS Lease With Option to Buy list as of January 31, 2024 (pdf viewer/download)
- Visayas GSIS Lease With Option to Buy list as of January 31, 2024 (pdf viewer/download)
- Mindanao GSIS Lease With Option to Buy list as of January 31, 2024 (pdf viewer/download)
Contact Info for GSIS LWOB properties
Interested parties may contact GSIS directly to get more details through the following:
For leasing inquiries, you may call the Real Property Accounts Management Department (RPAMD) at trunk line numbers (02) 8479-3600, and (02) 7976-4900 local numbers 3374, 3396, and 3425 and mobile number 0939-986-5962 or send an email at gsisrpamdcst@gsis.gov.ph.
Source: General Guidelines
How can I buy a house from GSIS via LWOB?
To get a detailed explanation, I believe it would be better to refer to the general guidelines from the GSIS. See below:
General Guidelines for LWOB
Source: https://www.gsis.gov.ph/downloads/housing/2024/20240206-LWOB-General-Guidelines_v10.pdf
In addition, here are all available downloads and forms (Guidelines, FAQ, Application Form, and Checklist of requirements) with regard to the LWOB. The links below are direct links to the files on the GSIS website.
How much is the rental rate?
I was wondering why the list of properties had no rental rates included, so I searched and found this in the General Guidelines:
“7. The minimum monthly rental fee shall be based on the comparative market figures and capitalization rate.”
Source: Item # 7 of General Guidelines
I could be wrong, but I believe they (GSIS) will determine the rental rate at the time of availment of the LWOB.
How much will be the selling price for the Option To Buy?
As per General Guidelines:
“Upon approval of the OTB, the lessee shall pay the purchase price in manner provided in policy on disposition of IP-RUs,which is CMV of the property at the time of its approval or any offered amount received for same property, whichever is higher.“
Source: Item # 27 a. paragraph 2 of General Guidelines
But what is CMV?
“Current Market Value (CMV)–the value of the IP-RU, including the improvements built thereon, if any, determined on an annual basis by the Property Administration Department (PAD) based on recognized modes of real estate appraisal.“
Source: GSIS POLICY AND PROCEDURAL GUIDELINES NO. 304-16
Based on the above, I believe the selling price will be based on the appraised value of the property at the time the tenant/buyer will avail his/her Option To Buy.
IP-RU refers to GSIS Investment Properties – Retail Units, which are the GSIS acquired assets and foreclosed properties for sale.
Is the Option To Buy for cash payments only?
According to Item 27 paragraph a. of the General Guidelines, GSIS members can avail via installment (non-GSIS members can only buy via cash). I have quoted this below for easy reference:
“During this period, and provided that the lessee has no outstanding unpaid rental, he may send GSIS a written proposal to buy the leased premises in installment (for GSIS members) or cash (GSIS and non-GSIS members).”
Source: Item # 27 a. paragraph 1. of the General Guidelines
Actually, this was a big turn-off for me because everyone knows that very few people can afford to pay in cash when buying properties.
Update: Lease With Option to Buy through installment up to 25 years?
A longer payment term of up to 25 years seems to be possible, based on a press release I found at the GSIS website. I’ll quote the relevant portion below:
“Ang installment sale naman ay available sa GSIS members na gustong bumili ng bahay sa ilalim ng programang Lease with Option to Buy o kaya sa public bidding. Ang installment ay maaaring bayaran hanggang 25 years. Kung condominium, ang term ay hanggang 20 years at kung bakanteng lote, 15 years to pay,”
~ GSIS President and General Manager Wick Veloso
Source: Press release – GSIS OFFERS HOUSING LOAN CONDONATION, INSTALLMENT SALE
This is definitely a welcome development! With installment terms of up to 25 years, this means that the monthly payments will definitely be more affordable and manageable!
However, I can’t find any reference to the installment option for LWOB in the latest guidelines/FAQ. So if you are going to avail the LWOB program, please make sure to ask about this.
GSIS LWOB Frequently Asked Questions
Got more questions? Please refer to the list of frequently asked questions about LWOB below:
Source: https://www.gsis.gov.ph/downloads/housing/2024/20240206-LWOB-FAQs-v3.pdf
Want to learn more about the LWOB Program?
To learn more about the LWOB program, check out the following article:
GSIS foreclosed properties for public bidding
There is currently one bidding schedule for GSIS foreclosed properties / acquired assets on their website and is scheduled on March 21, 2024. See file below for details
GSIS Acquired Assets for bidding on March 21, 2024
Reminder: Avoid “Occupied” GSIS foreclosed properties
Keep in mind that a big number of GSIS foreclosed properties scheduled for bidding are “OCCUPIED”.
We highly recommend to avoid those occupied foreclosed properties.
The only exception would be for those who are the current occupants and would like to purchase the property, especially those under the LWOB program.
Note: The properties on the listings below are for sale on an “As is Where is” basis. To learn why we do not not recommend buying occupied properties, refer to the following article:
How about foreclosed properties from other sources? See below…
Search for more foreclosed properties in our database…
You can also search from over 30,000 foreclosed properties in our database.
This includes other banks and lending institutions that have foreclosed properties for sale.
Use this to quickly search for all foreclosed properties in a subdivision, village, condominium project, city, etc.
==> Click for advanced foreclosed properties search
All locations with foreclosed properties by Province/City
You can also browse all locations within the Philippines with foreclosed properties available from ALL banks/lending institutions inside our database, grouped by Province/ City, on this page:
==> Click to browse all foreclosed property locations
Note: The “Foreclosed Properties Database” is a work in progress. If you have comments/ suggestions, please do let me know by leaving a comment below.
Full disclosure: Nothing to disclose, we are not accredited real estate brokers of GSIS. We are sharing this public auction announcement as a form of public service to the general public who might be interested in foreclosed properties and acquired assets from the GSIS. Please contact GSIS directly to inquire, thank you for understanding
