RECOVERY PATTERN
When the
loan or housing finance is arranged for any housing programme, the repayment of
loan along with interest starts immediately after the first installment of loan
is released. The way in which the loan is repaid within the rest to the
department is called recovery pattern.
Rocovery
pattern is defined as the method of repayment of loan with interest by some
clear cut instructions. Similarly when a building is taken for rental purposes
the rent has to be paid correctly without any deviation in the agreement. If
there is not paid correctly, the deposit amount paid by the tenant will be
adjusted for rent. If the tenant lives
without paying the rent or refuses to pay the rent or refuses to vacate the
building without paying the rent, the legal action are taken by building owner
by filling a case against the tenant.
Sometimes
instead or rent to be paid every month, an amount is deposite to the house
owner and one can live for a period of 2of 3 years. After this period, he can
pay some more advance or pay the rent. All such things are properly recorded in
the agreement.
If the
loan amount is not repaid correctly, the department or bank or any corporative
housing society will send a notice to the house owner and case is filed against
them. The person who is the nominee to the who gives security to the loan will
also be questioned and instructed to repay the loan. When, the loan is not
repaid for a long period, then the court will asked the department to sell
building in public
auctions.
In public
auction, the people will quote the rates and finally the person who quotes the
highest rate which is equivalent or more to the loan amount along with interest
and penalty and court charges.
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