GSIS sells P313.9M in foreclosed houses

By Ronnel Domingo
Philippine Daily Inquirer
Posted date: January 31, 2009

State-run pension fund Government Service Insurance System (GSIS) said it sold last year P313.91 million worth of foreclosed houses and lots under its low-interest loan program.

It said it sold 344 house-and-lot units that were payable for up to 30 years at an annual compounded interest rate of 6.0 percent.

GSIS president and general manager Winston Garcia said the interest rate would be fixed throughout the term of the loan, making it “one of the lowest interest rates in the market.”

The program is open to both members and nonmembers of the GSIS, Garcia said.

More housing units are available under the program and ready for occupancy and located in subdivisions “with complete amenities and existing communities” in more than 70 locations, including key cities in Metro Manila the provinces of Bulacan, Rizal, Leyte, Samar and South Cotabato, he said.

The GSIS is waiving the application fee for interested parties and required minimal documentation, Garcia said.

Buyers who pay in cash are entitled to a 10-percent discount, he said.

The maximum loan amount is computed as the selling price of the property minus the P5,000 reservation fee and five-percent down payment. Edited by INQUIRER.net