Recently I have received an Order from West Bengal Real Estate Regulatory Authority (WB RERA) wherein the Builder has been ordered to Refund Principal Amount and Interest at SBI Prime Lending Rate + 2%.
I have the Following Queries:
1) What is the Present SBI Prime Lending Rate? Is it the SBI Benchmark Prime Lending Rate shown as 14.85% (w.e.f. 15/03/2023) in SBI Website?
2) How the interest is Calculated? Is it Simple Interest or Compound Interest?
RERA Order is silent in respect of method of Calculation of Interest.
