The Company has a built-in re-possession clause in the contract/ loan agreement with the borrower which is legally enforceable. To ensure transparency, the terms and conditions of the contract/ loan agreement contains provisions regarding:
- notice period before taking possession;
- circumstances under which the notice period can be waived;
- the procedure for taking possession of the security;
- a provision regarding final chance to be given to the borrower for repayment of loan before the sale/ auction of the property;
- the procedure for giving repossession to the borrower; and
- the procedure for sale/ auction of the property.
A copy of such terms and conditions is made available to the borrower in the Loan Agreement executed between the Company and the borrower.
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