Having a view so you're able to enable the resolve off existing residential property, in addition to rehabilitation criteria and you may healing regarding damage for the reason that the points, your house Financial support Fee will suggest rules and regulations to control the insurance licensed below which point in accordance with the terms established hereunder:
"(a) The fresh Percentage was registered to ensure finance companies, insurance agencies, building and you can financing contacts and other qualified credit associations up against losses which they can get experience as a result of eligible possessions improvement fund.
'(1) Fund since the cost of fix, customization or improve from an existing construction, particularly funds never to get into overabundance ten thousand pesos in order to mature within the not to ever meet or exceed ten years towards the a monthly amortization base;
"(2) Money covering the price of adjustment, fix, upgrade or conversion off an existing structure utilized or to feel made use of due to the fact a dwelling for 2 or even more families, instance funds to not get into overabundance twenty thousand pesos and to adult when you look at the never to exceed two decades towards the good monthly amortization basis."
Part six
"(1) Include a principal duty (and including first provider fees, assessment, review loans in Gardner, or other fees while the Commission shall approve) when you look at the a cost-
"(a) to not ever meet or exceed thirty thousand pesos each family equipment together with home and you will homes nor whatever the case ninety-five for each centum of appraised really worth (since the day the loan are acknowledged to possess insurance coverage) regarding a house, if or not urban, suburban, otherwise outlying where there is certainly receive or even to feel developed a home tailored principally to own just one-friends quarters: Given, That no financial should be insured below so it paragraph except if this new mortgagor will likely be the owner and you will renter of the house within committed from insurance coverage and you can will keeps paid because of the home, within the cash otherwise their equivalent, no less than five for every single centum of the appraised value thereof.
"(b) to not go beyond nine thousand five hundred pesos per family tool and house and you will house nor nevertheless one hundred for each and every centum of appraised worth of a home, if or not metropolitan, suburban, otherwise outlying, upon which there's discovered or even getting constructed a dwelling, tailored principally for just one loved ones house: Given, One no financial should be insured not as much as this section until this new mortgagor should be the proprietor and you can occupant of the home on the full time out-of insurance.
"(c) Bear appeal (personal out-of advanced charges for insurance rates) for a price never to surpass ten per centum per year into the amount of the primary responsibility an excellent anytime;
Subsections (a) and you may (b) of Sec. 14 of the same Play the role of amended are hereby further amended to read as follows:
"(a) If the mortgagor becomes when you look at the default according to rules of one's Fee, the new mortgagee might be eligible to get the benefit of the newest insurance policies because the hereinatfer provided, up on (1) the new fast conveyance toward Percentage out of legal rights into property and you can (2) the task so you can they of all of the says of one's mortgagee up against the mortgagor otherwise someone else. Through to instance conveyance and project, the responsibility of the "mortgagee to invest the brand new superior prices for insurance rates shall quit and the fresh Payment shall during the their choice, spend inside dollars or point on mortgagee debentures for the an number equivalent to the bill the and you may due into the home loan because hereinafter considering.
Area 9
"(b) For the purpose of the aforementioned-subsection (a) the balance outstanding and owed into financial will be calculated, in accordance with the foibles recommended of the Commission, with the addition of for the number of the primary duty of your home loan which had been delinquent for the date of your own conveyance and you may task by the mortgagee into the fee of all the the legal rights and appropriate states contrary to the mortgagor, the degree of all of the repayments that happen to be made by brand new mortgagee to own taxes, soil rents, and liquids costs, being liens ahead of the mortgage, special tests which happen to be listed on the application form getting insurance coverage or and this feel liens pursuing the insurance policies of the home loan, insurance coverage for the financial property, and you can any mortgage insurance premiums reduced afterwards.