Question & AnswerQ&A (GSIS Resolution NO. 141)
It is a loan program approved by the GSIS Board that allows members to avail of consolidated salary loans under specific policy guidelines.
The Policy Guidelines were approved on October 18, 2006, as per GSIS Resolution No. 141.
The first monthly amortization is due on the 10th day of the third calendar month following the granting of the loan.
Subsequent payments are due every 10th day of the succeeding months until the loan is fully paid.
Payments are applied in the following order: principal, interest, and then penalty.
They become effective upon approval by the GSIS Board.
The full text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.
It refers to the monthly payment amount required to pay off the loan, which includes portions of the principal, interest, and any penalties.
Yes, modifications were made during the GSIS Board meeting to specify the due date of amortization and the order of payment application.
Penalties may be applied as per the policy guidelines, and payments will be applied first to principal, then interest, then penalties.