Section 26 in Regulations For The Disbursement of Loans Under The Low Income Group Housing Scheme, 1968
26.
Except with the previous sanction in writing of the Housing Commissioner the applicant shall not transfer by way of sale, gift or mortgage the land and the building erected on it or any right or tile or interest therein till such time as the full amount of the loan and interest due has been paid to the Parishad.However, in special cases of hardship during the period of validity of the loan, the Housing Commissioner may permit sale of house and land provided that -(1)the first right of refusal to. purchase the house shall be that of the Parishad;(2)if the Parishad is not inclined to purchase the property and so indicates its decision to the loanee in writing, the latter should be free to sell the property in open marked with prior approval of the Parishad in which case the sales proceeds shall be utilized first to repay the balance of the loan and interest and the Parishad shall be entitled to 50 per cent. of the unearned increase in the price of the land and the building in cases where the land on which the house is build belongs to the Parishad, and to 50 per cent. of the unearned increase in the price of the building only where the land does not belong to the Parishad.
