Section 36 in Bihar State Housing Board (Management and Disposal of Housing Estates) Regulation, 1983
36.
(1)The hire-purchase deposit which shall be a sum as to be decided by the Board from time to time shall be paid by an applicant within two months after decision has been taken to allot him a dwelling unit/flat. Such deposit shall be adjusted after the expiry of the hire-purchase period at the time of execution of the Conveyance Deed.(2)In the case of such applicants as have not finally been allotted any dwelling unit/flat the said deposit shall be refunded.(3)In the case of such applicants to whom allotment letters have been issued and who have failed to fulfill the requirements as specified in the allotment letter a sum equal to 20 per cent of the deposit shall be forfeited and the balance refunded.(4)The Board shall have the sole and exclusive right over the hire purchase deposit till such time it is adjusted on the execution of the Conveyance Deed or refunded with or without deduction as provided in these Regulations and the agreement made thereunder.(5)Subject to the provisions of Regulation 11 the balance hire-purchase price of the property including interest thereon at such rates as may be prescribed by the Board shall be recovered in monthly instalments the amount whereof shall be fixed in each case:Provided that on receipt of an application from hirer the Board may permit the payment of the hire purchase price outstanding on the date of such application together with interest accruing Till the date of payment and other dues, if any, to be made in lump sum:Provided further that except where a hirer is permitted to pay the hire purchase price as aforesaid in lump sum, he shall not mortgage, transfer or part with the possession of the property till the expiry of hire-purchase period otherwise than with prior permission of the Board.
