Housing (Loans and Grants) Act, 1962

Loans by housing authority for reconstruction, repair, and improvement of houses.

10.—(1) A housing authority may, subject to such conditions as may be approved by the Minister, make a loan to a person (in this section referred to as the borrower) carrying out reconstruction, repair or improvement works on a house, provided that the authority is satisfied that—

(a) after the proposed works are carried out, the house will in all respects be fit for human habitation,

(b) the proposed works are essential for the purpose of providing suitable housing accommodation, and

(c) the house is suitable for reconstruction, repair or improvement, as the case may be.

(2) (a) Repayment of a loan under this section in respect of a house shall be secured by—

(i) an instrument vesting the ownership of the house in the housing authority subject to the right of redemption by the borrower,

(ii) by deposit with the housing authority of the land certificate issued under the Registration of Title Acts, 1891 and 1942, in relation to the house, or

(iii) where such ownership is already vested in the housing authority subject to the right of redemption by the borrower, an instrument of further charge charging the repayment of the loan (together with the interest payable thereon) under this section on the house and making the said right of redemption subject also to the repayment of the loan (together with the interest payable thereon) under this section.

(b) Repayment of a loan under this section in respect of a cottage that has been purchased under the Labourers Acts may be secured at any time in the manner specified in paragraph (a) of this subsection.

(3) Any sum due to a housing authority by any person in respect of a loan made under this section may be recovered by the housing authority from that person as a simple contract debt in any court of competent jurisdiction.

(4) For the purposes of this section “ownership” shall be such interest or combination of interests in a house as will constitute either a fee simple (including fee farm) interest in possession or a leasehold interest in possession of such number of years unexpired at the date on which the loan under this section in respect of the house is authorised by the housing authority as is equal to or greater than the sum of the term fixed for the repayment of the loan and fifteen years.