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Q.

How is Interest Calculated on Society Maintenance Charges?

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There is a common question regarding the interest on society maintenance charges that I came across recently. Simple interest is commonly used to compute interest on outstanding society maintenance payments. As per Bye‑Law 71, societies in India typically charge simple interest at 21% per annum.

What is Interest on Late Payment of Society Maintenance?

21% unless a lower rate is decided by a general meeting to recover maintenance dues from defaulters. Interest is calculated using the formula:

Interest = Outstanding Dues × (Rate of Interest) × (Number of Days Delayed / 365)

For example, if a flat owner owes Rs 1,000 and pays 15 days late, the interest would be calculated as: Rs 1,000 × (21/100) × (15/365) = Rs 8.63, rounded to Rs 9. That Rs 9 is then added to the next month’s maintenance, making the total Rs 1,009.

If the dues remain unpaid for an entire month (say, 20 days), the interest becomes Rs 1000 × 0.21 × (20/365) = Rs 11.50, rounded to Rs 12, so the next bill would be Rs 2,012 (Rs 1,000 for April + Rs 12 interest + Rs 1,000 for May).

In cases of partial payment, interest is only charged on the outstanding balance for the delayed period. I hope you found this helpful.

Get Assistance in Finding Interest on Society Maintenance Charge via NoBroker Society Management Service

.

There is a common question regarding the interest on society maintenance charges that I came across recently. Simple interest is commonly used to compute interest on outstanding society maintenance payments. As per Bye‑Law 71, societies in India typically charge simple interest at 21% per annum.

What is Interest on Late Payment of Society Maintenance?

21% unless a lower rate is decided by a general meeting to recover maintenance dues from defaulters. Interest is calculated using the formula:

Interest = Outstanding Dues × (Rate of Interest) × (Number of Days Delayed / 365)

For example, if a flat owner owes Rs 1,000 and pays 15 days late, the interest would be calculated as: Rs 1,000 × (21/100) × (15/365) = Rs 8.63, rounded to Rs 9. That Rs 9 is then added to the next month’s maintenance, making the total Rs 1,009.

If the dues remain unpaid for an entire month (say, 20 days), the interest becomes Rs 1000 × 0.21 × (20/365) = Rs 11.50, rounded to Rs 12, so the next bill would be Rs 2,012 (Rs 1,000 for April + Rs 12 interest + Rs 1,000 for May).

In cases of partial payment, interest is only charged on the outstanding balance for the delayed period. I hope you found this helpful.

Get Assistance in Finding Interest on Society Maintenance Charge via NoBroker Society Management Service.

According to Bye Law No. 71, members must pay simple interest in their outstanding debts to the Society at a rate of 21% annually, or at a lesser rate that the General Body may determine. However, the query still needs to be answered: how is interest calculated on society maintenance charges? So, for that, I have shared the formula below.

How to Find Interest Charges in Housing Society Maintenance?

The maximum interest rate allowed is 21% per annum, as per the Maharashtra Cooperative Societies Act, 1960, but most societies charge between 12% and 18% per annum. Interest is usually charged on a monthly compounded basis of the overdue amount.

Interest = (Outstanding Dues × Interest Rate/100×Days of Delay/365)

Let’s understand it with an example:

  1. Maintenance Due: Rs.10,000

  2. Interest Rate: 18% per annum

  3. Days Delayed: 60 days

Interest = (10,000×18100×60/365) = Rs.295.89

Thus, the total payable amount would be Rs.10,295.89 after 60 days.

Each society has its own interest policy within legal limits. I hope you found this helpful.

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