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Act
Approved June 15, 1954

Republic Act No. 1085

An act authorizing the rehabilitation finance corporation and the philippine national bank to grant loans to homesteaders under certain conditions

An Act Authorizing the Rehabilitation Finance Corporation and the Philippine National Bank to Grant Loans to Homesteaders Under Certain Conditions

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In plain language

This act authorizes the Rehabilitation Finance Corporation (RFCC) and the Philippine National Bank (PNB) to grant loans of up to one thousand pesos to bona fide homesteaders without collateral, payable over ten years at an interest rate of four percent per annum. The loans are subject to conditions including prior approval of the homestead application, completion of improvements within two years, and the transfer of the issued patent to the lending institution. The act takes effect upon its approval.

  • Authorization of RFCC and PNB to grant loans up to 1,000 pesos
  • Loans payable in ten years at 4% interest
  • No collateral required
  • Conditions: approval of application, improvements within two years, patent transfer
Rehabilitation Finance Corporation
Philippine National Bank
Homesteaders
Loans
Agriculture

REPUBLIC ACT No. 1085

An Act Authorizing the Rehabilitation Finance Corporation and the Philippine National Bank to Grant Loans to Homesteaders Under Certain Conditions

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Any provision of law or regulation to the contrary notwithstanding, the Rehabilitation Finance Corporation and the Philippine National Bank are authorized to grant loans to be used or applied in the improvement of his homestead to any bona fide homesteader without collateral which shall not exceed one thousand pesos, payable in ten years with interest at the rate of four per centum without notarial or legal charges whatsoever: Provided, that his application for homestead has already been approved: Provided, further, That he has made improvements on his homestead within two years from the date of the approval of his application for homestead: And provided, lastly, That as soon as the patent is issued said patent should be turned over to the lending institution in order that the loan may be annotated at the back of said certificate.

Section 2

This act shall take effect upon its approval.

Approved: June 15, 1954.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.