Section 9
SEC. 9. With a view to encourage the financing of new construction for small business, agricultural and residential units in a limited amount, the repair of existing residential, small business or agricultural buildings and the rehabilitation requirements and recovery from damage caused by the elements, the Home Financing Commission shall prescribe rules and regulations to govern the insurance authorized under this section in accordance with the provisions set forth hereunder: The Commission is authorized to insure banks, insurance companies, building and loan associations and other qualified lending institutions against losses which they may sustain as a result of eligible property improvement loans. The lending institutions shall be charged with the responsibility of exercising the proper credit judgment in making the loans. The lending institution shall be insured against loss up to ten per centum of the aggregate net amount loaned over a given period. Four classes of loans may be insured under this section at the discretion of the Commission even though they may be subject to existing mortgages: Loans covering the cost of repair, alteration or improvement begun after the date of the approval of this Act of an existing structure, such loans not to be in excess of six thousand pesos and to mature in not to exceed five years on a monthly amortization basis; Loans covering the cost of alteration, repair, improvements or conversion begun after the date of the approval of this Act of an existing structure used or to be used as a dwelling for two or more families, such loans not to be in excess of twenty thousand pesos and to mature in not exceeding ten years on a monthly amortization basis; Loans covering the construction of a new structure begun after the approval of this Act to be used for small business or agricultural purposes, such loans not to be in excess of six thousand pesos and to mature in not exceeding six years on a monthly amortization basis; Loans covering the construction of a new structure begun after the date of the approval of this Act to be used for a combination of residential and small business purposes or for a combination of residential and agricultural purposes, such loans not to be in excess of ten thousand pesos and to mature in not to exceed ten years on a monthly amortization basis