GSIS Rents Out Housing Units – Occupants May Purchase Property, Too

GSIS Rents Out Housing – Details on the Government Agency’s Offer

GSIS RENTS – The Government Service Insurance System is offering the occupants of its housing units the opportunity to purchase the property.

In the Philippines, one of the biggest government agencies is the Government Service Insurance System. It is more commonly called “GSIS” and many Filipinos are members of the said public institution.

Most of the GSIS members are people who are working in the government or in the public sector. It is a requirement as it secures insurance on the members – they have something to turn to in terms of financial emergencies, calamities, residential property needs, and a lot more.

GSIS got several benefits and loans for its members. Every month, the members of the social insurance institution contribute a part of their salary as savings in the GSIS and accumulated contributions can make one eligible to claim a benefit or apply for a loan.

Aside from the benefits and loan offers, now, GSIS also rents out its housing units. It comes along with an opportunity for the occupants to purchase it should they wish to during the lease agreement.

According to GSIS President and General Manager Rolando Macasaet, under the new program, “Lease With Option to Buy” (LWOB) Program, wherein GSIS rents out its housing units with purchase opportunities for the lessee, the priority of the government agency are those who are already living in the GSIS residential properties. The social insurance instution wants to give the occupants the chance for permanent residency in the properties.

In the case of the housing units that are currently unoccupied, it will be open for rental to anyone. To qualify to apply for a rental, the person must be:

• a Filipino citizen
• legally authorized to enter a lease agreement
• financially capable for rental payment obligations.

Should you wish to buy the property, the cost will be equivalent to the current market value of the residential property. You must submit an option-to-buy proposal which will be subject to the approval of GSIS.

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