Total amount to be withdrawn in relation to regulations 5 and 6
8.—(1) The total amount which a member may withdraw to repay one or more housing loans under regulations 5 and 6 shall be determined by the Board but in no case shall such amount exceed 100% of the value of the residential property at the date of the signing of the agreement for the sale and purchase of the property as assessed by the Board.
(2) Where a housing loan obtained by a member is granted on an overdraft basis, the total amount of money which the member may withdraw under regulations 5 and 6 shall be such an amount as may be determined by the Board, but in no case shall such amount withdrawn exceed 100% of the value of the residential property at the date of the signing of the agreement for the sale and purchase of the said property assessed by the Board.