EPRR Act 7

Section 7 · Loan how repayable

- The loan together with all interest due thereon, if any, shall, except as provided in any bond executed by the borrower, be repayable by half-yearly instalments for a period of fifteen years :Provided that except as specified in the bond executed by the borrower the repayment of instalments and interest shall commence twelve months [after the completion of the building for construction of which the loan was taken or two years] [Inserted by East Punjab Act 23 of 1949, section 6(a)(i).] after the date of disbursement of the loan or of such instalment or instalments thereof as the borrower is prepared to accept [whichever period is earlier] [Inserted by East Punjab Act 23 of 1949, section 6(a)(ii).].Provided further that the purchaser may at any time pay up the whole of the balance of the principal plus interest on it [up to the date of payment [-] [Substituted for the words 'at 3 per cent per annum up to the date of payment' by East Punjab Act 23 of 1949, section 6(b).] [Inserted by East Punjab Act 23 of 1949, section 5(a).].

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