I recently bought a piece of land and transferred the title under my name. Now when i tried to use it for Pag-ibig housing Loan, they advised that i have to convert it to residential first (the land is classified as "corn land").
Out municipal assessor suggested that i convert only a part of it to residential to get rid of a higher real property tax.
My concern is that i'd be obliged to spend more on surveys (to divide the land) and that i think the land would be divided into two titles??
What are the pros and cons of converting the whole land to residential?
I hope you can enlighten me and help me come up with the best decision about this.
thank you in advance.