GSIS Resolution No. 192 (2011)
ESTABLISHMENT OF THE GSIS-HOUSING DEVELOPMENT MUTUAL FUND (HDMF) CREDIT FACILITY
(NAR) VOL. 22 NO. 3, JULY - SEPTEMBER 2011
[ GSIS RESOLUTION NO. 192, August 25, 2011 ]
ESTABLISHMENT OF THE GSIS-HOUSING DEVELOPMENT MUTUAL FUND (HDMF) CREDIT FACILITY
RESOLVED to APPROVE and CONFIRM the establishment of the GSIS-Housing Development Mutual Fund (HDMF) Credit Facility for housing loans of GSIS members and pensioners under the following Terms and Conditions: Purpose : To fund the housing loans of GSIS members and pensioners Amount : Php5 billion Availability Period: Upon approval by the HDMF and GSIS Board Tenor : 20 years Interest Rate : 4.75% interest; payable semi-annually Repayment : Bullet payment upon maturity Prepayment : Allowed without any pretermination penalty Handling/Application/Renewal Fees : Waived Basis and Consideration of the Loan as Security: Clean Documentation Loan Agreement Notice of Borrowing Promissory Note Other Loan Documents needed to make the Credit Facility operational RESOLVED FURTHER, to APPROVE the initial allocation of the amount of Five Billion Pesos (Php5,000,000,000.00) for the program. RESOLVED FINALLY, to AUTHORIZE the President and General Manager to execute the agreement and undertake such acts as may be necessary to implement the same. Adopted: 25 August 2011