(1) In determining the amount of a loan that is to be granted the Authority shall have regard to—
(a) the value of the house to be built or acquired by the person applying for the loan;
(b) the value of the land owned or acquired by such person, on which the house is situate or is to be built;
(c) the present and prospective income of such person; and
(d) such other circumstances as the Authority may consider material.
(2) For the purpose of determining the amount of a loan to be made under Part 3 of the Act, the Authority shall place a valuation on the property forming the security for the loan; but where the loan is for a purpose specified in section 18(d) of the Act, the value shall be the net difference in the estimated value of the premises before and after improvement or repair.
(3) Subject to subregulation (4) of this regulation the loan shall be—
(a) 90% of the first $6,000 of lending value;
(b) 70% of the next $4,000of lending value;
(c) 60% of the remainder.
(4) The maximum amount of the loan that may be made to any person shall be—
(a) where the loan is for a purpose specified in section 18(a) or section 18(b) of the Act, $12,000;
(b) where the loan is for a purpose specified in section 18(c) of the Act $10,000;
(c) where the loan is for a purpose specified in section 18(d) of the Act $3,000.
(5) Despite the provisions of subregulations (2), (3) and (4) of this regulation a loan shall not be made to any Government employee or any person in the service of any statutory corporation specified by the Authority and published in the Gazette—
(a) in excess of the value of the standard grade of house approved by the Cabinet as being appropriate to the salary of the borrower;
(b) in excess of a sum equal to 3 times the annual salary of the employee at the date of application.