GSIS launches installment pabahay program for gov’t employees

The Government Service Insurance System (GSIS) on Monday announced a new housing program that allows government workers to buy their homes on an installment basis with no downpayment.

In an emailed statement, the GSIS said the program allows government workers to acquire any of its 12,000 properties across the country. Applicants should be active members with updated premium contributions.

Qualified applicants should have a permanent employment status, at least three years of service, and a net take-home pay of at least P6,000 after loan deductions.

“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 housing program,” GSIS president and general manager Jose Arnulfo “Wick” Veloso said.

“This combination of features is designed to open doors that were previously closed to many of our dedicated public servants,” he added.

Veloso said the GSIS is also studying changes to improve the Lease With Option to Buy (LWOB) program to make it “more responsive” to the needs of its members.

Under its charter, the GSIS is mandated to ensure that its members are insured against the occurrence of certain contingencies in exchange for their monthly premium contributions. They are entitled to benefits such as life insurance, separation or retirement benefits, and disability benefits.

The GSIS is also the administrator of the General Insurance Fund, providing insurance coverage to government assets and properties that have government-insurable interests.

Over the weekend, the agency reported a 70% increase in its net income in 2023 to P113.3 billion from P66.4 billion in 2022, as revenues increased by 33% to P311.3 billion from P234.9 billion in the previous year.—RF, GMA Integrated News