7.1. A loan may also be granted to repay the whole or a part of the balance owing in principal on a loan contracted otherwise than under this Act that was used to pay the price of any purchase contemplated in section 7, provided that
(1) the application for this loan is submitted to the lender not later than one year from the date of the purchase,
(2) the amount of the loan being repaid by means of this loan is repayable on demand or not later than one year after the date of the purchase, and that
(3) the amount of the repayment does not exceed the price of the property acquired by means of the loan.