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| REPUBLIC ACT NO. 1085 - AN
ACT AUTHORIZING THE REHABILITATION FINANCE CORPORATION AND THE
PHILIPPINE NATIONAL BANK TO GRANT LOANS TO HOME- STEADERS UNDER CERTAIN
CONDITIONS |
| 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 |
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