GSIS housing scheme with no down payment for gov’t workers ok’d

By Wilnard Bacelonia 

Government Service Insurance System (GSIS) supports the government’s bid to provide affordable housing units through the three initiatives the state pension fund launched recently, GSIS president and general manager Wick Veloso said.
    In a news release on Thursday, GSIS identified these programs as the Lease with Option to Buy (LWOB), the Housing Accounts Restructuring and Condonation Program (HARCP), and the construction of low-cost housing units, including high-rise housing complexes in Fairview, Quezon City, and Cogeo, Antipolo. 
    It said LWOB allows government workers to buy some 15,000 residential properties owned by the GSIS nationwide without having to pay a down payment.
    On the other hand, HARCP has been extended until 2025 to allow more housing loan borrowers to pay their dues through waiver of penalties, and to extend partial discount on interest. 
    Relatively, the state-owned pension fund for government workers aims to complete over the medium term, the construction of new decent low-cost housing units, including high-rise housing complexes to be constructed in Fairview, Quezon City and in Cogeo, Antipolo which will be completed by 2025. 
     “GSIS has aligned its efforts to the President’s pabahay program,” Veloso said.
    “We are championing the right of every government employee to own a home. Our commitment is to create a significant impact and positive difference as we support the housing program and, at the same time, help the overall economy as construction of homes has a big multiplier effect. GSIS will do its part to support this program,” he added. -- PNA