Housing Planning: Recovery Pattern

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.