Section 14: Beneficiaries under the Fund

(1)
A mortgage institution duly licensed under the Mortgage Institutions Act shall qualify for loans from the Fund, on such terms and conditions as the Minister may, from time to time, by regulations published in the Gazette, specify.
[Cap. M19.]
(2) Any loan obtained by a mortgage institution under subsection (1) of this section shall be made available to contributors wishing to build, purchase or renovate houses.
(3) The Minister may by regulations published in the Gazette specify the manner in which and the conditions and terms of repayment of any loan obtained pursuant to subsection (2) of this section.