The Government Service Insurance System (GSIS) is now offering a moratorium on housing and consolidated loans of members. This was done to alleviate the plight of flood victims and in compliance with President Gloria Macapagal Arroys’s directive to offer a one-year moratorium on housing and consolidated loans to help members affected by the onslaught of the recent typhoons.
The program shall cover the amortizations for the month of October 2009 to September 2010 or a total of 12 months. The unpaid amortization shall earn an interest of 5% per annum or.42% per month.
The program is limited to borrowers whose consolidated and housing loan accounts were not declared in default as of September 30, 2009. An account is considered in default if it has more than six unpaid monthly amortizations. (PIA)
