Section 12
SEC. 12. To be eligible for insurance under this section— A mortgage on any property or project shall— involve a principal obligation in an amount not to exceed one million pesos. not to exceed sixty per centum of the amount the Commission estimates will be the value of the property or project when the proposed improvements, consisting of utilities, are completed, including the land. The mortgage shall— provide for complete amortization by a schedule of payments within such term as the Commission shall prescribe, not to exceed five years. No mortgage shall be accepted for insurance under this section unless— the Commission has approved the type of improvements to be installed, the plan of sub-division, and the contract of sale, or deed, under which the lots may be sold. the Commission has approved the tract of land for insured mortgages in accordance with the provisions of this Act.