Authority of Rehabilitation Finance Corp. and PNB to Grant Loans to Homesteaders
Republic Act No. 1085, approved on June 15, 1954, authorizes the Rehabilitation Finance Corporation and the Philippine National Bank to provide loans to bona fide homesteaders for the improvement of their homesteads. These loans, which can be up to one thousand pesos, are interest-free and repayable over ten years, contingent upon the homesteader having an approved application and making improvements within two years. Additionally, the homesteader must surrender the patent for the homestead to the lending institution for loan annotation upon its issuance. The act is designed to support the development of homesteads without requiring collateral.
Law Information
- Reference Number
- Republic Act No. 1085
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
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
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. acd
SECTION 2. This act shall take effect upon its approval.
Approved: June 15, 1954
Published in the Official Gazette, Vol. 50, No. 7, p. 2978 in July 1954
Cite This Law
Authority of Rehabilitation Finance Corp. and PNB to Grant Loans to Homesteaders, Republic Act No. 1085, Jun 15, 1954 (Philippines)
Authority of Rehabilitation Finance Corp. and PNB to Grant Loans to Homesteaders, Republic Act No. 1085 (Phil. 1954)
Related Laws
- Charter of the Rehabilitation Finance Corp.Republic Act No. 85 • Oct 29, 1946 • Statutes
- Conversion of the Rehabilitation Finance Corp. into Development Bank of the PhilippinesRepublic Act No. 2081 • Jun 14, 1958 • Statutes
- Authority to Grant LoansAct No. 4169 • Dec 3, 1934 • Statutes
- Authority of DBP and PNB to Grant Loans to Physicians and Dentists Who Practice in Rural AreasRepublic Act No. 4433 • Jun 19, 1965 • Statutes
- Authority of President to Incur Loans from International Bank for Reconstruction and DevelopmentRepublic Act No. 4853 • Jul 18, 1966 • Statutes
- Appropriation of Proceeds from Surplus Property Sales for Payment of Subscriptions to Rehabilitation Finance Corp.Republic Act No. 87 • Oct 29, 1946 • Statutes
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