5.—(1) Where a member has entered into an agreement to purchase a residential property or has obtained a housing loan or both whether before or after the commencement of these Regulations, the Board may, on application being made by him and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn by him and used for the payment of the purchase price or part thereof of the residential property or the repayment of such housing loan or both, as the case may be.
(2) A member who has obtained a housing loan shall not be entitled to make any withdrawals under these Regulations for the repayment of such loan unless the loan is for a fixed term or is granted on an overdraft basis and the repayment of the loan is secured by a mortgage on the residential property.
(3) Notwithstanding paragraph (2) the Board may, in its discretion and subject to such terms and conditions as it may impose, authorise a member who has obtained a housing loan to make withdrawals under these Regulations for the repayment of such loan if the Board is satisfied that the loan is for a fixed term or is granted on an overdraft basis and the repayment of the loan is secured by a mortgage on another residential property of which the member is the owner or a joint-owner.