Common use of Eligibility of Borrowers Clause in Contracts

Eligibility of Borrowers. (1) To be eligible to obtain a loan to a home owner the borrower will be required to represent a family which consists or will consist of not less than a couple, with or without children, or of a parent or guardian with one or more children, of which the average gross weekly income of the main breadwinner (inclusive of overtime and exclusive of child endowment payments) during the six months immediately prior to application for the loan does not exceed — (a) where the family does not include more than two children — 95 per centum of average weekly earnings; (b) where the family includes more than two children — 95 per centum of average weekly earnings plus two dollars for each child beyond the second. (2) For the purposes of subclause (1) of this clause “average weekly earnings” has the meaning attributed to that expression in subclause (2) of clause 16. (3) At the initiative of the Minister and with the concurrence of the State Minister or Ministers concerned or at the request of the State Minister or Ministers concerned, the Minister may at any time vary the needs test provided for by subclause (1) of this clause either generally in respect of a State or States or specifically in relation to specified categories of persons or to localities or locations. (4) A variation under subclause (3) of this clause shall be in writing under the hand of the Minister and as soon as practicable after a variation is made a copy shall be forwarded to the Minister of Housing of each State. (5) Where a society or lending authority has entered into an obligation before the first day of July, 1973 to make a loan to a borrower of moneys to be provided from any of the accounts mentioned in subclause (2) of clause 23 and the whole or a part of that loan was not made by the thirtieth day of June, 1973, the loan or the balance of the loan, as the case may be, may be made from moneys standing to the credit of the Home Builders’ Account notwithstanding that the average gross weekly income of the main breadwinner in the family exceeds the relevant limitation in subclause (1) of this clause.

Eligibility of Borrowers. (1) To be eligible to obtain a loan to a home owner the borrower will be required to represent a family which consists or will consist of not less than a couple, with or without children, or of a parent or guardian with one or more children, of which the average gross weekly income of the main breadwinner (inclusive of overtime and exclusive of child endowment payments) during the six months immediately prior to application for the loan does not exceed — (a) where the family does not include more than two children — 95 per centum of average weekly earnings; (b) where the family includes more than two children — 95 per centum of average weekly earnings plus two dollars for each child beyond the second. (2) For the purposes of subclause (1) of this clause “average weekly earnings” has the meaning attributed to that expression in subclause (2) of clause 16. (3) At the initiative of the Minister and with the concurrence of the State Minister or Ministers concerned or at the request of the State Minister or Ministers concerned, the Minister may at any time vary the needs test provided for by subclause (1) of this clause either generally in respect of a State or States or specifically in relation to specified categories of persons or to localities or locations. (4) A variation under subclause (3) of this clause shall be in writing under the hand of the Minister and as soon as practicable after a variation is made a copy shall be forwarded to the Minister of Housing of each State.State.‌‌ (5) Where a society or lending authority has entered into an obligation before the first day of July, 1973 to make a loan to a borrower of moneys to be provided from any of the accounts mentioned in subclause (2) of clause 23 and the whole or a part of that loan was not made by the thirtieth day of June, 1973, the loan or the balance of the loan, as the case may be, may be made from moneys standing to the credit of the Home Builders’ Account notwithstanding that the average gross weekly income of the main breadwinner in the family exceeds the relevant limitation in subclause (1) of this clause.