When I first took a flat in a gated society, I had the same query: can society charge interest on maintenance? I hence went to my maintenance office and asked the same. They said, yes, housing societies in India have the authority to impose interest. It is in case of overdue maintenance payments, with a cap set at 21% per annum. However, the specific rate applied is typically determined by the society’s bye-laws. Let me share more details I came to know about society maintenance charges.
How to Calculate Interest on Society Maintenance Charges?
According to what my society in charge told me, they typically compute the interest on maintenance fees as simple interest, which amounts to 21% annually on the unpaid balance. Until the member has made a complete and final payment, this interest is due from the date the amount was due. I also came to know:
If a member delays payment of maintenance charges, the society must usually issue a written notice informing them of the outstanding amount and any interest that will apply if it remains unpaid within a specified timeframe.
The interest rate and conditions for collecting interest on past-due payments are determined by the managing committee or the general body of society.
The managing committee or the general body of the society decides the exact rate. I hope you found this answer helpful.
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When I first took a flat in a gated society, I had the same query: can society charge interest on maintenance? I hence went to my maintenance office and asked the same. They said, yes, housing societies in India have the authority to impose interest. It is in case of overdue maintenance payments, with a cap set at 21% per annum. However, the specific rate applied is typically determined by the society’s bye-laws. Let me share more details I came to know about society maintenance charges.
How to Calculate Interest on Society Maintenance Charges?
According to what my society in charge told me, they typically compute the interest on maintenance fees as simple interest, which amounts to 21% annually on the unpaid balance. Until the member has made a complete and final payment, this interest is due from the date the amount was due. I also came to know:
If a member delays payment of maintenance charges, the society must usually issue a written notice informing them of the outstanding amount and any interest that will apply if it remains unpaid within a specified timeframe.
The interest rate and conditions for collecting interest on past-due payments are determined by the managing committee or the general body of society.
The managing committee or the general body of the society decides the exact rate. I hope you found this answer helpful.
Make and Track Your Society Maintenance Payments via NoBroker Hood.Read More
Can Society Charges Maintenance for Unsold Flats
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
Can Society Charge Interest on Maintenance?
Hanish90
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4 days
2024-10-24T09:25:40+00:00 2024-10-24T09:25:41+00:00Comment
2 Answers
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