32Advances by instalments

32 Advances by instalments

(1) An advance for a purpose referred to in paragraph 20 (1) (a), (b), (d) or (e) of the Act may be made by instalments.

(2) Where a builder is employed by an applicant for an advance or a borrower, or by the Corporation in pursuance of an agreement with an applicant for an advance or with a borrower for the erection, completion or enlargement of a dwelling‑house by the Corporation under section 17A of the Act, the Corporation may pay instalments of the advance direct to the builder as progress payments, and any such payment shall be deemed to be payment of an instalment of the advance to the applicant or borrower.