The hire-purchase period shall be such as may be prOVided 111 each scheme framed by the Board under these Regulations.
**** .1~. Moltthly iJ!stalmellts and Hirer:s Obligations. - (1) Subject to the prov.lslo.ns ofregulation 7, the balance of hIre-purchase price of the properly in cludll1g II1tcrcst thereon at such rates as may be fixed by the Board shall he rceov- 540 Chandigarh Housing Board (Allotment, Management and Sale ofTenements) Regulations, 1979 crcd in such number of monthly instalments as may be specified in each scheme.
The amount ofeach instalment shall also be such as may be fixed by the Board in every casc :
Provided that the hirer may make the payment of the balance of the consid eration moncy in lump sum.
I [(2) The hirer shall not sell, alienate, transfer any of his rights or interest in the said property or otherwise part with the possession ofthe wholc or any part of the said property till he becomes the owner or for a periorl of 10 years from thc date of actual possession, whichever is later, subject to the under mentioned ex ceptions ;-
(i) A lcase for a period not exceeding 5 years at a lime may bc created.
(ii) The right, title and interest of the hirer can be mortgaged in favour of the Government, Life Insurance Corporation or any Scheduled Bank or any Corporate Body, provided the Board shall have first and paramount charge on the said property for the unpaid portion of purchase price and other dues outstanding against hirer including penalty, ifany:
Providcd further that such mortgage, lease, etc. can only be created with the prior permission of the Board and Board will be competent to impose any condi tion while granting such permission.
Notwithstanding anything contained in sub-regulation (2) above, the Admin istrator may at his discretion for reasons to be recorded in writing permit the hirer in genuine cases of hardsh ip or on humanitarian grounds as he deems fit to sell, alienate or transfcr any of his rights or interests in the said property or otherwise part with the posscssion of the whole or any part of the said property after he has mudc the full payment of the property to the Board.]
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