Ok, so there’s really no need to get a GSIS loan, or any loan for that matter, especially if you don’t need it. But more than half a dozen people have prodded me to take out a GSIS loan because if I don’t, someone else will supposedly take one out in my name! How true is that? The fact that more than one person has told me the same thing means that there must be some grain of truth there right? Or maybe it’s just a case of double (or triple) hearsay perpetuated into a truth because it’s been repeated over and over again?

So confusing.


Anyway, I’ve been thinking of taking out a GSIS loan because: (1) we’re getting the unit next door and will need the extra money to join the two units and for some renovations; (2) it’s easy to get a GSIS loan.

Seriously, I asked my loan savvy officemates and apparently all you need to take out a GSIS loan is your GSIS card, at least 20 months in government service and the GSIS kiosk. Pop your card in, choose how much you want to take out and get the proceeds from your Landbank ATM card (a.k.a. the sweldo card) a few days later. Payments are then done through monthly salary deductions.

Interest is at least 12% according to the GSIS website, but my officemate who took out Php198,000 eventually paid Php260,000 in a span of 24 months, making that a good 30%++ interest charge. I have no idea how a GSIS loan compares to personal loans from banks, but I’m sure that the requirements for a GSIS loan are much, much less than the banks’.

The turnover will happen by February of next year so that gives us more than enough time to come up with the needed cash to buy out my brother (a.k.a. the unit owner) and have enough left over for renovation expenses. Hello extreme budgeting and tipid tips!

It's only fair to share...Share on Facebook0Share on Google+0Tweet about this on TwitterShare on LinkedIn0

6 Comments on The Necessity of Taking Out a GSIS Loan

  1. Carole Kaye Malenab
    October 3, 2013 at 2:29 am (4 years ago)

    I've heard that a lot too. 'Pag hindi daw ikaw ang nag-loan, makikita mo na lang may nag-loan na pala under your name.' But I am scared of taking a loan from GSIS kasi ang hirap nila kausap sa pagmo-monitor ng payments. Dapat tapos na yung monthly payments mo, pero hindi pa daw nau-update sa system so tuloy pa rin ang bawas sa sweldo mo. Tapos hindi na alam pano ibabalik sayo yun. 🙁

    Reply
  2. Jillsabs
    October 3, 2013 at 4:10 am (4 years ago)

    Ano ba naman yan! So whether or not you take out a loan, baka malugi ka 🙁

    Reply
  3. Carlos PFA
    October 6, 2013 at 11:53 pm (4 years ago)

    Whoa, scary!

    I heard the same about SSS (both issues). Kailangan daw talaga todo bantay sa loan, sumosobra dn ng pag deduct.

    although mukhang mas madali nga sa GSIS hehe:D

    Reply
  4. Jillsabs
    October 6, 2013 at 11:56 pm (4 years ago)

    So the lesson is, huwag na lang mag-loan!:p

    Reply
  5. blahblahblogchef
    October 8, 2013 at 3:29 am (4 years ago)

    actually, you can monitor your gsis loan payments/status online.

    Reply
  6. Jillsabs
    October 12, 2013 at 5:13 am (4 years ago)

    That's good to hear! Will look more into that. Thanks!

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Comment *