All installment option for 12,000 properties nationwide
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LAOAG CITY, July 17, 2024 — The Government Service Insurance System (GSIS) is launching a new housing program for government workers to boost their chances of acquiring any of the 12,000 GSIS properties all over the archipelago.
The new program does not require any down payment for government workers to secure property. Instead, the properties are awarded to government workers who will be paying for installments, according to GSIS President and General Manager Wick Veloso.
“Our Pabahay program has been restructured to truly address the needs of our members. By eliminating the down payment requirement and offering a long-term installment plan, we are not just making home ownership more achievable for our members — we are providing an accessible and affordable housing program,” Veloso explained. “This combination of features is designed to open doors that were previously closed to many of our dedicated public servants.”
At the GSIS stakeholders’ meeting in Laoag today, Tuesday, the GSIS announced that the new program had been previously approved by the GSIS Board of Trustees. The Board approved the revised guidelines to allow current lessees to buy their homes on an installment basis with no down payment. Veloso added that further changes are being studied to further improve and transform the Lease With Option to Buy (LWOB) program to make it more responsive to the needs of its members.
Applicants must be active GSIS members with updated premium contributions, permanent employment status, at least three years of service, and net take-home pay of at least Php6,000 after loan deductions.
“This program is about recognizing that those who dedicate their lives to serving our nation deserve a real shot at the Filipino dream. No more impossible cash requirements. No more deferred dreams. Just a clear path to a place they can finally call their own,” Veloso added. (☆)
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For more details on the program, visit the GSIS website, http://www.gsis.gov.ph and GSIS Facebook page @gsis.ph.