lavish (trainee) 19 June 2019

Interest for delay in payment

Hi,

I have purchased one property on Jan-2018, due delay in bank loan the final payment was made on May-2018 i.e. 4 month delay. Later on property has been transferred to my name including society ownership. The seller now asking me interest for delay in payment, my queries is.

1. Whether I am label for interest as their no clause in agreement for interest payment in case of delay. Agreement only says payment shall be made within 45 days.

2. What is legal recourse I can take as the seller harassing me on daily basis?

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8 Replies

Harshit Kedawat (Advocate ) 19 June 2019

As you havve said that there is no clause in the agreement regarding the delay payment, so the seller cannot charge you fro delayed payment. Rest we have to go through the entire agreement to see and understand the agreement in entirety.

We can sen him the legal notice regarding the same. Rest we require further details to proceed further.

lavish (trainee) 19 June 2019

Thanks, will contact you incase of any further action need

Shashi Dhara 19 June 2019

Even it is not included in agreement after delay of 45days generally u have to pay interest. For other 2and1/2months. If he issue notice think then after.

lavish (trainee) 19 June 2019

at what rate of interst??

Harshit Kedawat (Advocate ) 19 June 2019

if any dead line has mentioned in the agreement but rate of interest has not mentioned then according to section 34 of the CPC builder can charge @6% per year simple interest. if no such dead line has mentioned then builder has no right to claim penalty if there is reasonable delay in making payment.