GSIS acquired assets sell like hotcakes
Members and non-members of the GSIS are lining up to purchase their dream homes among thousands of housing units up for grabs under the Garantisadong Mababang Amortization na House en Lot Para Sa ‘yo or GMA-HeLPS program.
According to Ms. Arni P. Mercado, vice president for the Real Property Accounts Management Office of the GSIS, the pension fund is right on track in meeting its target of selling some 18,000 acquired housing assets in three years’ time.
To date, the GSIS is already processing a total of 350 housing loan applications filed as of June in various parts of the country, mostly in Laguna and Bulacan. The program was launched only last May.
“We’re making good progress. We’ve had a number of visits already in the home office from people who are interested. At this rate, our target is very much achievable,” said Ms. Mercado.
“What more if we open up the application in the branches? There will be a deluge of requests,” she added.
Aside from the numerous letters of intent to purchase these units, the GSIS has also received a lot of applications from previous unit owners who have expressed interests to buy back their foreclosed housing units.
The GSIS has prioritized the application forms of owners of foreclosed properties under the old Bahay Ko Program.
The pension fund is giving these previous borrowers preferential treatment by allowing them to repurchase the units not later than 15 days upon notice.
“GMA HeLPS actually has two goals: to elicit interest from those interested in buying a house and to compel those who had their housing loans foreclosed to re-apply under GMA HeLPS so as not to lose their houses,” said Ms. Mercado.
GMA HeLPS is the latest asset disposal program of the GSIS. It aims to recover the investment of the pension fund on cancelled or foreclosed housing loan accounts through the effective disposal of housing units.
Installment buyers are entitled to repay the selling price at six percent interest per annum compounded annually.
A 10 percent discount on the selling price will be given to cash buyers. For installment buyers, a down payment of five percent of the selling price is required.
The properties up for sale under this program are foreclosed house and lot units, majority of which are in good condition and are located in subdivisions.
Any individual, association, or corporate entity who has the legal capacity to acquire real property in the Philippines may acquire these properties.
Individual installment buyers must be 65 years old or below at the time filing of application and should not have any delinquent account with the GSIS.
Institutional buyers should either be a domestic corporation, provident fund association or local government unit, allowed by both GSIS laws and their own by-laws to own a real estate property in the country.
The maximum loanable amount shall be the Selling Price of the property less the five percent down payment.
The program has a repayment term of a maximum of 30 years, but not to exceed the difference between 70 and the buyer’s age at the time of filing the application.
To view the latest list of properties available, the prospective buyer may simply visit the GSIS website at www.gsis.gov.ph or inquire from the Disposition of Assets Department of the GSIS home office in Pasay City or from the nearest GSIS field office.
Source: GSIS Kawani, Vol. 1 No. 2, May - August 2007.