You are here

7.2.3 Exclusions


Subsidy is recovered from the Bank where the Bank's power of sale as mortgagee is enforced (normally as a result of a default in repayment of the loan by the borrower). In this case subsidy will continue to be paid until the loan has been discharged or for three months, whichever is the earlier. The amount to be recovered will be paid by the Bank from the proceeds of the sale of the property.