Power to make loans

Subject to this Act and to any regulations made there under the Board may make a loan to any employee eligible for a loan on such conditions as the Board may impose for all or any of the following purposes, (a) the acquisition of a house and land for use by him as a residence for himself and his family; (b) the purchase of land and the erection thereon of a house for use as specified in paragraph (a) of this section; (c) the erection on land owned by him of a house for use as specified in paragraph (a) of this section; (d) the discharge of any subsisting mortgage or charge on a house or land owned by him and used as specified in paragraph (a) of this section; (e) the substantial alteration or improvement of a house used as specified in paragraph (a) of this section; (f) the payment of premiums and other expenses in connection with the insurance of his life as security for a loan under this section.