S.L. 328.3 Art. 7Purchase price.

(1) Where the aggregate annual income of the applicant in the basic year does not exceed thirteen thousand and nine hundred and seventy-six euros and twenty-four cents (€13,976.24), the purchase price for the absolute ownership of a Government dwelling house shall be the free market value of that dwelling-house as determined by the Authority reduced as shown in the second column of Table A annexed to this Scheme in proportion to the aggregate annual income of the applicant as shown in the first column of the said Table, subject to sub-clause (3).

(2) Where the aggregate annual income of the applicant in the basic year exceeds thirteen thousand and nine hundred and seventy-six euros and twenty-four cents (€13,976.24), the purchase price of the dwelling-house shall be the free market value thereof as determined by the Authority reduced, where applicable, and up to the first thirty-two thousand and six hundred and eleven euros and twenty-three cents (€32,611.23) of the said value, by one percent (1%) thereof for every whole year that the applicant has been recognised as the tenant of the dwelling-house up to a maximum of twenty (20) years.

(3) The reduced purchase price shown in the second column of Table A annexed to this Scheme shall also be further reduced by one percent (1%) thereof for every whole year that the applicant has been recognised as tenant of the dwelling-house up to a maximum of twenty (20) years.

(4) Where the free market value of the dwelling-house as determined by the Authority exceeds thirty-two thousand and six hundred and eleven euros and twenty-three cents (€32,611.23) the excess shall be payable without any reduction as provided in the foregoing sub-clauses of this clause.