S.L. 328.2 Art. 5Purpose of loan.

The loan mentioned in clause 3(1) must be for any of the following purposes:

(a) for the purchase of a dwelling-house other than a Government dwelling-house;

(b) for the construction or completion of a dwelling house on land purchased by the applicant other than from the Government: Provided that the dwelling-house or land is to be held or is held by the applicant under a title of absolute ownership or of perpetual emphyteusis or of a temporary emphyteusis for forty years or more and the dwelling-house will be used exclusively as the ordinary residence of the applicant and his family: Provided also that where the aforesaid title is one of temporary emphyteusis for less than forty years, the applicant shall not be disqualified for that reason alone if the said emphyteusis is for more than twenty-four years and the emphyteuta is under an obligation to redeem the ground rent within the said period.