Up to Fifteen (15) years from date of initial release/drawdown, with three
Term
(3) years grace period on principal.
Principal – Payable in 48 equal quarterly amortization to start at the end
Repayment of the 13th quarter from date of initial drawdown.
Interest – Payable quarterly in arrears to start upon initial drawdown.
Loan release shall be in tranches to be credited to the Borrower’s deposit
account maintained at Land Bank Bais Branch, as follows:
First tranche: 15% of the approved amount or contract price, whichever is
lower, upon complete documentation, presentation of duly signed contract
agreement between the Borrower and the contractor and other
documentary requirements as defined under the pre-release requirements
of the LGU
Mode of
Release Succeeding Releases between 16%-90% Project Completion: Subsequent
release up to six (6) tranches shall be via progress billing based on the
project completion duly supported by the LGU’s accomplishment report
approved by the Local Chief Executive.
Final Tranche: 10% of the contract price/amount of loan upon 100%
project completion subject to inspection/validation by Property Valuation
and Credit Investigation Department (PV-CID) and submission of a
certified of acceptance.
For the Purchase of Lot – New Motor Pool Site, the Loan Terms are as follows, per
Notice of Loan Approval, dated March 22, 2023:
₱50.00 million or contract price whichever is lower but not to exceed the
Amount
NBC of the LGU
Purpose To finance the purchase of lot for the new motor pool site
Land Bank’s prevailing rate at the time of availment, subject to quarterly
Interest Rate
re-pricing
One (1) year from date of loan signing. If no availment is made within one
Availability
(1) year, the Bank has the option to terminate the loan.
Up to Fifteen (15) years from date of initial release/drawdown, with three
Term
(3) years grace period on principal.
Principal – Payable in 48 equal quarterly amortization to start at the end
Repayment of the 13th quarter from date of initial drawdown.
Interest – Payable quarterly in arrears to start upon initial drawdown.
The loan shall be released in tranches on a per lot basis to be credited to
the Borrower’s deposit account maintained at Land Bank, as follows:
First tranche: 50% of contract price upon complete documentation,
Mode of
presentation of duly signed Deed of Absolute Sale in favour of the
Release
borrower.
Final Tranche: 50% of the contract price upon transfer of title in the name
of the Borrower.
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