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(1) Subject to the provisions of this Decree, an individual shall not be qualified for a loan under the Scheme unless:-

(a) he has been engaged for a continuous period not less than three years prior to his application for loan under the Scheme, in such employment as the Bank may from time to time prescribe proof of which shall be provided by him to the financial institution from which he seeks the loan;

(b) he provides from his own resources a contribution to the cost of financing the housing project in respect of which he seeks the loan to an extent not less than five per centum of the total cost of the housing project; and

(c) he has kept an account with the financial institution from which he seeks the loan for a continuous period not less than three years unless the financial institution agrees to accept a shorter period.

(2) An organisation shall not be qualified for a loan under the Scheme unless:-

(a) it is an organisation specified in the Second Schedule to this Decree, or prescribed by the Bank by executive instrument under section 35 of this Decree, and

(b) it provides from its own resources a contribution to the cost of financing the housing project in respect of which he seeks the loan to an extent not less than ten per centum of the total cost of the housing project.