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GSIS sells foreclosed housing units by offering 6% fixed interest rates but…

GSIS sells foreclosed housing units by offering low interest

01/30/2009 | 01:47 PM

MANILA, Philippines – The Philippines’ pension fund manager for government employees has sold housing and property assets it foreclosed by offering a low fixed rate to buyers. Some 344 house and lot units worth P313.91 million were sold through its asset disposition program, the Government Service Insurance System (GSIS) said in a statement.

Launched in May 2007, the program – called Garantisadong Mababang Amortization na House En Lot Para Sa’yo (GMA HeLPS) – offers a six percent interest rate that is “fixed throughout the term of the loan, thus, not subject to re-pricing.”

The program is available to both members and non-members.

Installment buyers will be entitled to a maximum repayment term of 30 years but not to exceed the difference between 70 and the buyer’s age at the time of filing the application.

Besides offering easy and multiple payment options, the program allows home buyers to make over-the-counter payments, post-dated checks, and salary deductions for members. A three-month grace period is also given before payment of the first monthly amortization.

To further encourage buyers, the GSIS has waived application fees for interested parties and has required minimal documentary requirements.

Any individual or corporate entity who has the legal capacity to acquire real property in the Philippines may acquire these foreclosed properties either in cash or installment basis. Cash buyers will be entitled to a 10-percent discount on the selling price of the property.

The individual buyer must not be more than 65 years old at the time of filing of the offer to buy; has no delinquent loan account with the GSIS; and not an employee of the GSIS directly involved in the disposition of acquired assets.

Meanwhile, institutional buyers must be a domestic corporation, provident fund, association, local government unit, and the like; must be allowed by its by-laws to purchase a real property in the Philippines; and must have a specific authority to acquire real properties from the GSIS.

The maximum loanable amount shall be the selling price of the property less the P5,000 reservation fee and five percent down payment.

To get a listing of the inventory of properties for sale under this program, a prospective buyer may simply visit the GSIS website at www.gsis.gov.ph or inquire from the nearest GSIS servicing office.

“With the help of GMA HeLPS, which offers the most attractive interest rate there is in the local market, dreams of owning a house is no longer far-fetched,” GSIS President and general manager Winston F. Garcia said in the same statement. “This is in line with the vision of President Gloria Macapagal-Arroyo of making owning a house very affordable for everybody.”

Majority of the housing units under the program are livable and located in subdivisions with complete amenities and with existing communities in over 70 locations, including key cities in Metro Manila, Bulacan, Rizal, Leyte, Western Samar, and South Cotabato. – GMANews.TV

Article Source: GMANews.TV

This is very welcome news as a 6% fixed interest rate is hard to beat nowadays. I stumbled upon this article when I read this particular thread in the PinoyMoneyTalk Forums. However, when I continued reading, I was surprised when a forum member described the hassles he allegedly encountered when he availed of this, which I have posted below:

“Malaking kalokohan ito. I once availed of this, nabayaran ko na yung downpayment ng choice property ko after sabihin nila na available pa yung napili ko. Only being told a week after na nagkamali pla sila and nakuha na pla daw ng iba yung napili ko.

Worse is, it took me more than 2 mos to get my refund and may kinaltas pa sa binayad ko even though wala ako nakuha property sa kanila. Pang facilitate daw ng document yun na non-refundable. In short, ako na ang nag-absent ng isang araw, nag-travel all the way from our place in Bulacan to GSIS Main, naghintay ng kalahating araw and nagbayad. Only to be told dat nagkamali sila, na ma nakakuha na ng napili ko a week before nagpunta ako. Then they told me to file a letter request for refund kahit sila nagkamali. Then after 2 months of incessant follow-ups, nakuha ko pera ko pero may kaltas pa for document facilitation fee (in my opinion kotong yun eh)..

Galeng tlaga itong GSIS, kahit sila na ang may pagkakamali eh peperahan pa din nila ang members nila.

Huwag kayo maniwala basta basta sa mga iyan, halos lahat jan manloloko!!!!”

Well, all I can advice interested buyers is to make sure that the property you are interested in is really available, though in this case, it appears this was done by the interested buyer. I can’t really give further advice as I have not yet tried to to get a housing loan from GSIS. I sincerely hope that this was just an isolated incident as a lot of people can really benefit from this program from the GSIS. If you or anyone you know has had any first hand experience with buying foreclosed properties from the GSIS, please do leave a comment as it may help those who may want to purchase housing units from the GSIS. Thanks.

Anyway, if you are interested, you may download the GSIS list of foreclosed properties for sale from their website here(link updated May 26, 2010).

Don’t forget to subscribe to my mailing list so you won’t miss any new updates. If your mailbox is getting full, you may also subscribe via RSS reader.

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About Jay Castillo
People encounter problems and make mistakes when buying foreclosed properties, and Jay wants to help people avoid those problems/ mistakes. Jay encountered a lot of those, which is why he started this blog in 2008 to serve as a guide where he shares lessons learned, and how to overcome challenges you may encounter when investing foreclosed properties in the Philippines … [Read more]
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60 thoughts on “GSIS sells foreclosed housing units by offering 6% fixed interest rates but…”

  1. Hi sir, i am inquiring about lot only forclose at
    GSIS talipapa subd., caloocan city.if there are available please contact me po! I am intersted buyer thanks from mr.belmor

    Reply
  2. Hello Sir Jay,
    Please help us sa problema namin sa GSIS..ang bahay namin na foreclose at na auction na ng GSIS.. sa 3 months gap na payment lang yan. Paano namin mapanatili sa amin ang pag aari nito..sana matulungan mo kami. Buhay namin ang bahay na ito. Hinangad namin na magkaroon ng desinteng tirahan sa tulong ng ating pamahalaan sa pamamagitan ng pautang. Hindi namin lubos maiisip na mangyari ito..230,ooo ang loan namin dahil sa amin naman ang lupa. Sana matulungan mo nanam kami,maraming salamt.

    Reply
  3. Pingback: Low home loan rates - what you need to know before it's too late
  4. Hi Jay,
    Can you please send me a listing of foreclosure property in Bulacan or somewhere in Laguna.If you have single detached 2 bedrooms .Thanks,I’ll appreciate your help.

    Ian

    Reply
  5. Sir/Mam,
    I’m MSgt Sonny Rey P Javien of the Philippine Marine Corps, kindly send me a list of foreclose house and lots at EP Housing Taguig City, I’m hoping for your immeidate response, thank you sir/mam just send it to my e-mail add sonnyreypjavien@yahoo.com thank you very much

    Reply
  6. hello po. wat if po my nakatira s foreclosed unit n inilabas nyo like sa block 178 lot 4 Zone 10 Bulihan Silang Cavite. sino po ang dapat n magpaalis s kanila. mahirap nmn po ata kung yung bibili p ng unit ang magpapaalis?

    Reply
    • Hi Jude, ganun po talaga pag for sale on an “as-is-where-is” basis. Suggestion ko po is to avoid those properties that are occupied. For more clarifications, please contact GSIS directly, pinost ko lang po listg nila dito as public service, marami po kasing naghahanap ng listing ng GSIS. Thanks!

      Reply
  7. bullshit yang gsis pera lang ang habol nila! dis my personal experience in dealing with very unprofessional! bubo pa naman>>>> sana matauhan kayo!

    Reply
  8. Good day!
    Sir Jay, meron po kasi housing loan sa GSIS (LCH) ang pag-kakaalam ko po yung contract prize ng house is 525,000.00. baka po pwede nyo ako matulungan kasi base po dun sa mga receipt ko almost 700,000.00 na ang nababayad ko, siguro dahil na din sa naging arrears nya before. sino po ba pwede ko lapitan regarding this matter. thanks po

    Reply
    • Hi Bobsky, baka kaya mas malaki na ang nabayad mo sa TCP ay dahil sa interest. Pwede malaman ang interest rate at kung ilang years to pay? Gawa ako ng amortization table so we can check.

      Reply
  9. Dear Sir Jay,
    May bago po ba tayong listings sa Bacoor Cavite? Puede po kaya ninyo akong tulungan in assisting the documents? Please lang po kasi nakakatakot po ang mga comments na naposted dito.
    God bless,
    Lily

    Reply
    • hello po. I recently went a local branch of GSIS and was told that only GSIs members can avail the ‘installment’ mode of acquiring foreclosed properties. cash basis na po if non-member. I am interested in buying a low-cost housing unit but surprisingly, the same bears no assessment price pero cancelled na ito (pre-owned po kasi). This is frustrating since my mom was the original awardee and we wanted to take the liability off her hands once she retired. Kaso, it had been months since we started following the same up with the GSIS local branch at hanngang ngayon wala silang malinaw na solusyon. Funny because a number of foreclosed units in the same subdivision where my mom’s foreclosed unit is also located had already been posted with assessment or selling price in the ROPOA (Real or other properties owned or acquired by the GSIS). in fairness to the guy who answers my mom’s question, he is willing to help, kaso mo nga they are handed with limited power and access para matulungan talaga ung mga katulad ng mother ko who only wants her money back.

      Reply
      • Hi Janna, would it help to coordinate with the main branch of GSIS? As you said, the guy who is helping you might lack authority and someone in the head office, or even his immediate superior in the local office might be able to help.

        Reply
  10. SIR,

    puede niyo ako bigyan ng list of foreclosed properties dito sa Sto. Nino Village, Brgy. Perez Meycauayan Bulacan. Salamat po.

    Reply
  11. Sir,

    I would like to ask if you have a vacant lot or foreclosure house near in francisco homes subd. san jose delmonte bulacan and i have found one vacant lot and house as well but not in the list.

    Reply
  12. SIR GUSTO KO LANG PO MALAMAN KUNG ON LIST NA PO YUNG BLOCK 24 LOT 34 SA LAPIDSVILLE 11 SUBD TAMBUBONG SAN RAFAEL BULACAN,THANKS PO AND GOD BLESS

    Reply
  13. What are the some procedures and hiccups pag Occupied na? Papaalisin ba sila or hahanapan muna sila ng lilipatan or me notice ba sila?… Need to make sure na di maaagrabyado yung nakatira…. I can protect myself with these so-called GSIS corrupts. Pero di naman ako heartless sa mga taong walang kaya sa buhay. Nagbabayad ba sila ng rent?

    Reply
    • i agree with you kaya in my opinion, pag occupied, move on na lang sa ibang property. Not really sure kung nagbabayad sila ng rent.

      Reply
  14. one common problem and sobrang sakit sa ulo:
    OCCUPIED – paano ba ito paalisin ng matiwasay at walang gulo, masisira etc, ng hindi na kelangan umabot sa korte?

    Sa mga taong ayaw umalis, eh walang pinagkaiba sa squatter, if ayaw umalis sana magbayad kung wala eh di maghanap ng kaya sa bulsa. 🙂

    Reply
  15. I’m an interested buyer also, but based on what was written here, nakakatakot to take risk, at ang nakakalungkot masyado magsamantala ang mga tga GSIS sa mga taong nangangarap magkabahay at maglalaan ng perang sobrang pinaghirapan. Come on, these anomalies should be brought to President Noynoy’s attention, or calling IMBESTIGADOR or BITAG???!!!

    Reply
  16. Hi Jay,

    My wife and I visited GSIS the other day. I asked the person in booth 16 about the foreclosed properties. He did not tell us specifics on which properties are available. He simply asked me the location of the properties I’m interested in. He said properties in metro manila are already taken. I said i am also interested in moonwalk properties. He said that most of those properties are still available. he told me to come back with at least 5 prospective properties and bring the downpayment and other requirements when I’m ready. So I said, ok… and cannot think of other things to ask, we left.

    Then it occurred to me… i forgot to ask them if they would be able to hold the property in my favor if i pay the downpayment and processing fee. Since they cannot tell me which ones are still available, you will be left helpless once they announced to you that somebody else already secured the property.

    It also occurred to me (although I’m not sure) that they are accepting many applicants for a single property and then they choose the one with the highest bid.. or if they have preference on the would-be buyers. but if they do it that way, and as I read on one of the posters who paid and lost his processing fee, then I think GSIS makes a lot of money out of these people who only want to avail of this so called low amortization housing.

    Reply
    • Hi Onnie, thanks a lot for the feedback. I hope and pray that GSIS will somehow find a way so that they can handle their acquired assets and interested buyers much like how Pag-IBIG does it, systematic, less hassles to buyers, win-win for all parties.

      Reply
  17. Pingback: More than 9000 properties foreclosed by the GSIS are for disposal under their GMA HeLPs program
  18. Hi Sir,kelan po ba ilalagay sa website yung housing for sale ng 2010,kasi hinihintay ko pa sa website yung listing foreclosed housing unit sa V ang G subd.Tacloban city

    Reply
  19. Hi Sir,kelan po ba ilalagay sa website yung housing for sale ng 2010,kasi hinihintay ko pa sa website yung block 24lot 34 po sa lapidsvilee san rafael bulacan….salamat po

    Reply
      • SIR JAY,
        Firstly thanks for the reply,sir pano po namin malalaman na yung pangalan ko ay naka pasok na sa inaplyan namin na unit,tulad ko po kasi nasa ibang bansa po ako at pinalakad ko lang po ang papers ko after po na ma completo ko mga requirement,sana po matulungan nyo po ako,sabi kasi ng taga lakad ng papel ko wait ko na lang daw yung sulat galing gsis for payment po,,,,thanks sir jay god bless

        Reply
  20. nakakatakot naman pala bumili ng foreclosed property sa GSIS. i was really planning to buy this year, already went to GSIS to confirm the availability, the guy there confirmed the available ones but based on the stories posted here parang dadaan ako sa butas ng karayom para makakuha ng property lalo na nasa abroad pa ko.

    anyone here has a story that “all goes well without a hitch”?

    Reply
  21. Came across this agent while we were looking for a property, sa text we thought we’ll buy rights and then assume balance from GSIS. When we checked the property, it was foreclosed daw by GSIS sabi ng agent, ang appraisal is 900K, but I have to pay 300K muna. I asked if mababawas un sa 900K. Hindi daw, i’ll get acknowledgement receipt daw dun sa staff ng GSIS. Then pay the downpayment with all the requirements para sa housing loan. Grabe an dami siguro nila makikinabang dun s 300K namin. Called up GSIS today to ask ung foreclosed properties dun sa website nila, wala n araw available dun s area n un. Dec 2009 lang pinost lahat daw almost 50 properties un nde na available. Grabe, we were just hoping we can look for a property na mura and with good payment scheme to have a property of our own, dahil nde namin kaya cash out lahat. Lolokohin pa kami ng mga taga GSIS n yan. Kaya wala tayong asenso.

    Reply
    • Hi Stephanie, grabe naman! I hope and pray na mawala na ang ganitong klaseng mga transaction. sayang talaga kung ganito lang ang mangyayari. yung list nila na bago more than 8 thousand properties ang nakalista, post ko in the following days.

      Reply
  22. hi sir!

    My mother-in-law had a house in meycauayan, bulacan. It was also a GSIS property but they haven’t paid it yet. We want to pay it can u help us about process? And also I would like to buy a foreclosed house in sto niño meycauayan bulacan, I heard GSIS still have there. Kindly help me regarding my concern.

    Thanks a lot!

    Reply
    • Hi Aneth, I suggest you first get the status of the house from GSIS and ask if it would be possible for you to assume the loan of your mother-in-law and what are the requirements.

      As mentioned above, I will post the new listings from GSIS in an upcoming post. Please watch for it.

      Reply
  23. Hi Mr. jay,
    Happy New year!!
    I’m looking for apartment that been foreclosed somewhere in cavite area, can you point me in right direction!

    Thanks

    Reply
    • Hi Sonny, happy new year too! Sorry also for the late reply. I’ll be on the lookout for new listings with properties in cavite for you.

      Reply
  24. Hello, Jay! My mom used to work at GSIS-tacloban. Dahil wala na siya access sa said government agency kasi nag early retirement na, di ko na matanong what mga foreclosed properties sa Tacloban City na di kamahalan. Gusto ko na kasing magkabahay. Right now, I am still living with my parents sa V&G Subdivision po. Pls send me list ng foreclosed properties and also yung price na di po lalampas ng Php 500k and loanable po. Thanks.

    Reply
    • Hi Rosanna, first of all, sorry for the late reply. I was not able to see this comment of yours until now. Anyway, I just checked and the GSIS website has been revamped and the their new listings are hard to find pero I was still able to find it. I’ll post it in one of my next posts.

      Reply
  25. hi jay, please help.. i’m looking for a foreclosed property in cabanatuan city, nueva ecija.. preferably a house and lot or lot na pwedeng tayuan ng apartments. i can’t do it myself kasi i’m an ofw. please help.. thanks a lot. 🙂 God bless..

    Reply
    • Hi benj, as much as I would want to help, I would only be able to look this January, this is because of the unrealistic workload at the office which would only last until end of December 2009… hehe.

      Reply
  26. My mom and I planned to buy a foreclosed property in Moonwalk Subdivision in Las Pinas. Actually, we’re still hoping that the response from GSIS will be in favor of us.

    The property was introduced to us by a friend and officemate who lived just in front of the property we want to purchase. But the same person told us about the schemes that GSIS employees are doing with these foreclosed properties. To answer a query above, kaya yung ibang property that are already vacant and seemed to be foreclosed ay hindi nakalista sa website ng GSIS is because may anomalya sa bentahan ng properties. Some GSIS employees, palibhasa’t may access sila sa list ng foreclosed properties, they tend to pick some properties that the want to purchase even before it is open to the public. Kaya kahit na wala ng nakatira sa mga bahay, eh wala pa rin sa listahan. Sindikato talaga. May insidente pa nga sa Moonwalk na may pinatay dahil dito. And the people there suspected that the said GSIS employee did the crime.

    Kung iisipin, hindi lang ang pinuno ng GSIS ang may baho. Kundi pati mga taong nasa ibaba nito na kung tutuusin, sa atin lang din naman umaasa. May hanap buhay sila dahil sa compulsary na pagbabayad ng bawat pinoy sa GSIS na sinasabi nilang maaasahan. Kaya i suggest, better look for rent-to-own housing by private realtors.

    Reply
    • Hi Corics,

      Thanks for sharing, grabe naman yung insident na meron pang naging patayan. I would echo your suggestion na maghanap na lang ng ibang alternatives unless things like these are addressed by the GSIS.

      Sayang talaga kasi mas maraming matutulungan SANA ang program na ito pero ganito ang nangyayari.

      Reply
  27. sir jay and one more thing. nagpunta na kasi ako sa isa sa mga subdivision na nakalagay sa internet. then may mga bahay dun na parang foreclosed na din (kasi wala na nakatira). pero ndi ko sya nakita sa posting ng gsis. ano po un , under negotiation pa na foreclosed xa? senxa po pero gusto ko lang kumuha tlg ng bahay na malaki. and before sana makapag investigate ako.

    thanks

    Reply
    • Hi Riza, minsan talaga previous owners cannibalize a property before leaving, kaya ayun, yung iba eh pundasyon na lang ang natitira. Kung bibilhin naman ang occupied, you just have to consider the additional cost, pati na rin yung tagal na hihintayin mo to wait for the previous owner to leave.

      Dun naman sa iba iba ang presyo, depende rin siguro sa balance sa loan amount. Pag malaki pa ang balance, mas mahal ang presyo para marecover yung loan balance.

      With regard sa mga bahay na parang foreclosed na pero wala sa list, baka naman hindi pa nag lapse ang redemption period kaya hindi pa sinasama sa listahan.

      Reply
  28. hi sir. ung mga unoccupied lang ba ang pwede bilhin? kasi may kakilala ako, occupied na ang nakalagay sa ad. pero binili pa din nia. un nga lang napamahal sya ng konti lang naman,. i got to visit kasi ung mga nakalagay sa internet. pero ung mga un occupied, napag pilian na talag. meron nga tlgng pundasyon na lang ng bahay un natira. panu ba un sir. and bakit ung price ng house varies pero same lang nman na subdivision at same anf floor area? sana matulungan nio ako dahil puzzled ako ng konti e. thanks.

    Reply
  29. Hi junglerose, thanks for sharing your experience. I hope this really serves as a heads-up to those who are looking at GSIS properties. This makes me feel so frustrated as this program could really help a lot of people but instead this happens. I’m just glad that you were able to buy a house from your niece instead, and at a great price!

    If there are other people out there who have had similar experiences, please do share so we can increase people’s awareness and maybe get the attention of the concerned people who can stop this. Thanks.

    Reply
  30. hi hello,
    happened to come across this site. I want to comment it about buying a house from the GSIS.
    I got bad experienced. I have written to the Ebdane of GSIS and he answered my mail.
    It is a long story.I wanted to buy a lot in Victoria Country Homes. It is a house adjacent to my existing house in this area. Wow the almost damage house has cost at first 217.000 pesos which i was willing to pay cash but was told that they could not sell it they are waiting for clearance etc. Ok I waited. I checked the prize in internet again. The prize was changed to 317.000 pesos (100sg, house no doors no windows , just four walls, roof rusty, ceiling falling off). and that increase after 3 months. Ok I was interested to buy it as i thought i needed it. I went to GSIS office Dipolog. Wow! The price has increased to 446.000 pesos!!! I sit down and wait forthe explanation. I was told it is because of the former owner. How come? The chief of the section went down and when she came back she told me it is really for 606,000 pesos!!! This is GSIS! I said no i wont buy. They can keep all those damage houses. GSIS said:GSIS sells foreclosed housing units by offering low interest???? I thought of writing again to Ebdane but I thought my email will be endorsed again to the local office. GSIS will be sitting on their dead investment.
    Now they removed the list of Zamboanga del Norte from their listing.

    Im just wondering what makes them overpriced the houses so much? By the way instead of buying the house i wanted i bought another house for my niece just 20 meters from that house in question, the house has improvement and costed only 263,000 pesos!!!

    Reply
  31. Hello Jay,

    Very good article, Thanks for posting I had already downloaded the GSIS list in Excel thereby easier to sort by price or lot area. Thanks.

    Nolor98

    Reply

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