Subsection (b) out of Point 10 of the same Try to be revised is hereby subsequent amended to read below:

Having a perspective so you’re able to enable the fix from ex lover­isting domestic structures, while the treatment criteria and you can healing regarding damage considering the elements, your house Investment Commission will prescribe rules to manipulate the insurance coverage authorized under that it point in accordance with the specifications set forth hereunder:

“(a) The Fee is subscribed so you’re able to guarantee finance companies, insurance agencies, building and you will loan connectivity and other licensed financing associations facing losings that they could possibly get sustain down seriously to eligible possessions i will be­provement finance.

‘(1) Financing since the price of repair, adjustment otherwise improvement regarding a preexisting framework, instance finance to not ever be in overabundance 10 thousand pesos and mature within the not to go beyond ten years for the a month-to-month amortization basis;

“(2) Financing covering the price of customization, fix, improvement otherwise sales regarding an existing build put or even to become used once the a home for a couple of or even more family members, instance finance not to ever be in excess of twenty thousand pesos and adult in never to surpass twenty years on the an effective monthly amortization foundation.”

Section 6

“(1) Involve a main responsibility (and such as for example initially provider charge, assessment, assessment, or any other charge due to the fact Commission shall approve) inside the an amount-

“(a) never to go beyond thirty thousand pesos each family unit members product and home and you will land neither in any case ninety-five each centum of appraised worthy of (since the new day the mortgage is accepted to have insurance coverage) out of property, if metropolitan, suburban, payday loans Gilcrest or outlying upon which there’s discovered or even to be built a home designed principally getting one-family unit members household: Given, One no mortgage will be covered under that it paragraph unless of course the new mortgagor might be the master and renter of the house on the amount of time off insurance and you will should possess paid back because of the home, into the cash or the comparable, no less than four for each and every centum of appraised well worth thereof.

“(b) to not ever go beyond nine thousand five hundred pesos each family unit in addition to family and you will belongings nor whatever the case a hundred for each and every centum of one’s appraised worth of a house, whether or not urban, residential district, otherwise outlying, where there clearly was discovered or perhaps to become developed a home, customized principally getting just one nearest and dearest residence: Provided, That zero mortgage might be insured under that it paragraph unless of course the latest mortgagor will likely be the master and you will occupant of the property at the the time off insurance rates.

“(c) Incur interest (exclusive from premium charges for insurance) at a level not to ever go beyond ten for each and every centum yearly into the amount of the main responsibility an excellent anytime;

Subsections (a) and you can (b) of Sec. fourteen of the same Act as amended try hereby subsequent amended to read through the following:

“(a) In case the mortgagor will get inside the standard prior to legislation of Fee, the brand new mortgagee will be permitted get the benefit of this new insurance policies while the hereinatfer provided, up on (1) the newest fast conveyance on Payment away from legal rights to your property and you may (2) the newest project to help you it of all the claims of your mortgagee against this new mortgagor or others. Up on such as for instance conveyance and you may project, the responsibility of “mortgagee to pay brand new premium charges for insurance shall give it up and you can brand new Fee will on their solution, spend in dollars otherwise issue with the mortgagee debentures when you look at the an matter equivalent to the balance a great and you can due to the home loan given that hereinafter given.

Part 9

“(b) For the true purpose of the above mentioned-subsection (a) the bill a great and you will due to your financial will likely be determined, in accordance with the regulations and rules prescribed because of the Commission, with the addition of on the quantity of the primary obligation of financial that was outstanding on big date of your conveyance and you may assignment from the mortgagee with the fee of all the its liberties and you will valid states contrary to the mortgagor, the degree of all of the payments which were made by the mortgagee getting taxation, surface rents, and you will liquid prices, being liens ahead of the mortgage, special assessments that are noted on the application for insurance policies otherwise and this become liens following the insurance of your own mortgage, insurance coverage on mortgage possessions, and you may any mortgage insurance fees paid off thereafter.