It is aimed to make available affordable amortized loan to qualified Local Government Unit (LGU) to finance their various development projects.
The “ DEVELOPMENT LOAN INCENTIVE ” is a loan granted to BARANGAY, MUNICIPALITY and CITY whose offices are located within the Provinces of Zamboanga del Norte, Zamboanga Sibugay, Zamboanga del Sur, Misamis Occidental, Misamis Oriental, Negros Oriental and Cebu.
- Very low & diminishing interest rate
- Optional loan term ranging between 6 to 36 months
- Affordable monthly amortization payment
- No ceiling on loanable amount
- Fast loan approval
- purchase of heavy & light equipments;
- purchase of agricultural, commercial and residential lots;
- infrastructure projects like repair of the barangay multi-purpose hall, municipal buildings, schools, water system, street lights;
- other facility improvement projects of the local government
Loan Range: P100,000.00 to P 5,000,000.00
Client Eligibility Requirements:
- LGU of good credit standing to banks and other financial institutions
- The LGU should have a feasible plan of their proposed development project.
- Has the capacity to repay the loan through instalment or single payment.
- Feasibility Study or Project Proposal
- Sangguniang Bayan Resolution
- Certification from the Office of the Local Finance Committee
- Latest comparative Financial Statement-COA audited and unaudited
- Certification or Clearance from the Bureau of Local Government Finance (BLGF)
- Original Land Title(s)
- Two (2) copies of latest tax declaration(s) of land, all original.
- Original copy of tax declaration(s) of building, (if applicable).
- Original and xerox copy of sketch plan(s) with vicinity map.
- Certificate(s) of encumbrance(s) from the respective Registry of Deeds.
- Court clearance of title(s) from Bulwagan ng Katarungan or Regional Trial Court Certification(s).
- Affidavit of Non-Tenancy (for agricultural lots).
- Department of Agrarian Reform (DAR) Clearance(s)-for agricultural lots with areas five(5) hectares and above).
- Cancellation of encumbrances and usufructuary rights
- Certified True Copy of land title from the Registry of Deeds
- Revocation of Special Power of Attorney, if applicable
- Copy of cancellation of mortgage if previously mortgaged with other banks or financial institutions
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