Interest charges as per maharashtra co-op housing society ac
K N Peethambaran
(Querist) 03 October 2018
This query is : Resolved
our society collects the advance maintenance for 3 months for e.g. Oct to Dec is to be paid by Oct 10 else you would have to pay interest @18% Per Annum on the dues.
my questions are
1. Can you charge interest on advance maintenance period.
2. If you can then can you charge interest on advance maintenance of total months instead of only monthly due?
3. If one were to take penalty then should it not be on prorate of the dues and the delay or at least of the monthly maintenance due i.e. if you were to pay by end of Oct then 1.5% of Oct quota of maintenance which would be = 1.5% of X/3 AND NOT 1.5 % OF X which is maintenance from Oct to Dec?
Dr J C Vashista
(Expert) 04 October 2018
The Society shall charge penal interest on maintenance for the period of default, as per Bye-Laws adopted.
