Division 4.1.2

HGAA will disburse new retail mortgages only with a loan-to-value (LTV) ratio of […] % or lower. New retail mortgages with a maximum LTV ratio of […] % is permissible if the debt-to-income ratio of the respective client – defined as total monthly obligations with HGAA and other financial institutions (established through local credit bureaus) divided by monthly net income – is less than or equal to […] %. In addition, any new mortgage granted must be eligible for inclusion in the cover pools under the local legislation on mortgage bonds/securitisation where such legislation exists.