The agency for government workers, the Government Service Insurance System (GSIS) announced that it will offer a Special Housing Loan Program for its members who lost their homes due to super typhoon “Yolanda.”
According to GSIS President who stated that under its Home Emergency Loan Program (HELP), the pension fund will offer a loan of up to P200,000 to members who have been in the government service for more than 10 years or more.
GSIS also stated that for those who have been in government service for five years or more or less than the 10 years they can still take up to P100,000 GSIS loan.
For those who have been in the service for less than five years they can obtain a maximum loan of P30,000.
The GSIS announced that they will accept the applications starting on January until March 2014 in nay of its 65 branch and extension offices nationwide.
GSIS said an approval from the members’ agency authorized officer (AAO) will be required by the pension fund before processing the one-time only loan, which will bear an interest of 6 percent and is payable in 10 years.
The first monthly amortization of the loan will be in July 2014, GSIS said. The HELP Program is in response to the President’s directive to extend the necessary financial support for the recovery of the typhoon victims in the Visayas.
