Section 6
SECTION 6. Project beneficiaries, who upon issuance of Certificate of Occupancy, purchase the lend outright, shall pay the following charges: 6.1) The price of the land pegged at P5.00 per square meter as provided by Republic Act No. 1597 which amount may be amortized monthly ever a maximum period of 25 years and an interest rate of 12% per annum. 6.2) The development cost based on current estimates which is allocable per square meter of residential area and which when amortized over 25 years at 12% per annum amounts to P0.95 per square meter per month; or the total development cost is computed by the Authority upon completion of the project, likewise amortized monthly over a maximum of 25 years at an interest of 12% per annum, whichever is the lower. However, project beneficiaries at or below the 20% percentile of income as determined by the Authority based on its socio-economic surveys, may be allowed to pay initially lower rates which gradually escalate over time provided however that the equivalent value, together with interest accrued at 12% per annum on unpaid balances, is still completely paid overtime. Upon full payment of the value of the land as set in (6.1) above, title shall to issued to the purchaser subject to a lien in the form of a mortgage for whatever value of development cost is still unpaid as of the time of payment of the land value.