Revealed January 14, 2022 5:11pm
The Authorities Service Insurance coverage System (GSIS) on Friday introduced that the pension fund was now providing an emergency mortgage to members and pensioners in six areas hit by Hurricane Odette. In an announcement, the GSIS mentioned energetic members residing or working in Areas 4B (Mindoro, Marinduque, Romblon, Palawan or Mimaropa), 6 (Western Visayas), 7 (Central Visayas), 8 (Japanese Visayas), 10 (Northern Mindanao), and 13 (Caraga), in addition to old-age and incapacity pensioners residing in these areas, might apply for the mortgage. The pension fund mentioned certified mortgage debtors with an current emergency mortgage might borrow as much as P40,000 to repay their earlier emergency mortgage stability and nonetheless obtain a most web quantity of P20,000. These with out an current emergency mortgage might apply for P20,000. The GSIS mentioned the emergency mortgage is payable in 36 equal month-to-month installments at a 6% rate of interest computed upfront. It is usually coated by a mortgage redemption insurance coverage, which deems the mortgage absolutely paid in case of the borrower’s demise, supplied that mortgage cost is updated. Certified to use are members who're in energetic service and never on go away of absence with out pay; don't have any pending administrative or legal case; and have a web take-home pay of not decrease than P5,000 in any case required month-to-month obligations have been deducted.
“Those who have due and demandable mortgage accounts (have arrears of over six months) at the moment are allowed to resume their earlier emergency mortgage from a unique calamity,” mentioned the GSIS.» Read more from www.gmanetwork.com