Guide on GSIS Housing Rental Offer w/ “Option To Buy”
GSIS HOUSING – The Government Service Insurance System is offering housing rental with option to buy amid the lease agreement.
Nowadays, some government agencies have launched programs to help the Filipinos obtain affordable residential properties. One of these state entities is the Government Service Insurance System or more commonly called GSIS.
The GSIS is the social insurance institution for the Filipinos who are working in the government and the private sector. Every month, the GSIS members contributes a certain part of their salary as savings in the social insurance institution. Accumulated savings may qualify a member to the benefits and loans offered by the state agency.
With regards to the GSIS Housing rental offer, it is open not just to the members of the government agency but as well as non-members who would like to avail the “lease with option to buy it” housing offer.
The Government Service Insurance System launched the Ginhawa For All Lease with Option to Buy (GFAL LWOB) Program. Under it, the government agency rents out its housing units to those who are interested with the priority in case they would decide to purchase the property amid the lease agreement.
According to GSIS, the validity of the lease deal is one year and it is renewable under the options provided by the state run social insurance institution. Who are qualified to avail the GSIS housing rental offer with options for purchase? To be eligible to apply for it, the lessee must be:
- a Filipino citizen
- on legal age to enter into an agreement
- having a regular source of income
According to GSIS, if the property that the lessee wants to occupy is currently not available, the current lessee will be given the chance to purchase it. Once it is open again, it will be open for rental to anyone who qualifies the GFAL program.
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