S.L. 328.4 ст. 9Payment of purchase price.

(1) Ten percent (10%) of the agreed purchase price shall be paid on account of the said price by the applicant on the promise of sale agreement and the balance of the price shall be paid on the publication of the deed of sale.

(2) The applicant may, after deducting the amount of the home purchase assistance grant and the aforesaid ten percent (10%) payment on account, borrow part of the balance of the purchase price from a financial institution approved by the Authority but the amount of the loan shall not exceed the limit laid down in the third column of Table A annexed to this Scheme according to the aggregate annual income of the applicant as shown in the first column of the said Table, and shall be repayable within a maximum period of twenty-five years from the date of the publication of the deed of sale or not later than the date on which the applicant becomes sixty-five years of age, whichever is the earlier: Provided that the amount of the loan which may be borrowed as aforesaid shall in no case exceed the sum of sixteen thousand and three hundred and five euros and sixty-one cents (€16,305.61).

(3) Where an applicant has obtained a loan in accordance with sub-clause (2) the Authority shall subsidise the interests payable on the loan so that the interests payable by the applicant shall be at the rate shown in the second column of Table A annexed to this Scheme according to the aggregate annual income of the applicant as shown in the first column of the same Table. No subsidy shall be payable where the aggregate annual income of the applicant for the basic year exceeds sixteen thousand and three hundred and five euros and sixty-one cents (€16,305.61).

(4) The rate of interest payable by the applicant as aforesaid shall be revised by the Authority every two years on the basis of the aggregate annual income for the basic year and the amount of the subsidy payable by the Authority shall also be revised accordingly. The first revision shall be due on the 1st of July, 1993.

(5) The Authority shall ensure that where the aggregate annual income of the purchaser in any one year is less than three thousand and nine hundred and fifty-nine euros and ninety-three cents (€3,959.93) the payment of monthly instalments due in repayment of any loan as aforesaid shall be suspended for a period of up to three months which may be extended by further periods of three months provided that the purchaser shall continue to pay the rate of interest payable by him under this Scheme.