How do you calculate interest on maintenance charges | Interest on defaulted charges Bye - Law No 71

Bye -Law No 71 says: A Member shall be required to pay simple interest at twenty-one percent per annum, or, at such lower rate as may be fixed by the General Body, on the outstanding dues to the Society, from the date the amount was due as prescribed under Bye-law no. 70(a), till full and final payment by the Member.
We have received the following queries:
1. Interest calculation in a housing society
2. Society maintenance interest calculater in excel format
3. Can houisng society waive off interest
4. Can society charge interest on repair fund
5. Interest on society maintenance
6. Simple interest calculater
7. Society Interest calculator
8. Society maintenance interest Calculator in Excel format
9. How interest is charged on society maintenance?
10. How do you calculate interest on maintenance charges?
11. What interest does society charge for late payments?
12. How do you calculate interest and capital?
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Disclaimer: "This video reflects my own understanding of the respective topics. This video is for educational and informational purposes only and is not
intended to infringe on any copyrights.This content is based on many references source, Model Bye-Law, MCS ACT 1960 and absolutely as per my experience
and is probably is correct in my view but in general you should always verify by yourself or your legal advisor. If you believe that this video has
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[@neerajrawat3424]

Thank so much sir.

[@mukunddashputre9168]

what about old flats registered under NTC (non trading corp) what is penalty charges in NTC?

[@sachinmisal1163]

Thank you sir ji

[@manojb-ft7wx]

What about members part payment made . Should it be adjusted against principal amount or interest outstanding

[@SimpleLifestyle04]

From above chart imember paid 1000 how it deduct and get balance

[@kumarmalkani1055]

I didn't pay society a bill during lockdown on the the next on the 4th month they charged me with 18% + 500 Rs i request the manager but he refused please help

[@rameshtransportcompanyrame9006]

Sirji, Mera ek sawal hai,interest Maintenance amount pe Lage ga yaa total amount pe, kindly clarify.thanks.

[@shahpareshr]

My society generates maintenance bill for a quarter for e.g. bill was generated on 1st July for period 1st July to 30th September with due date to pay the bill by 31st July. I paid 1 day late on 1st Aug and society has added interest for entire quarter in next maintenance bill. Can you advise whether it is correct for society to calculate interest for quarter for 1 day late payment or can this be challenged? Thank you Paresh

[@poojapillay8927]

I have not paid my Maintance from 1.5 years and society charging me 200 interest for late payment is this correct?

[@SunilShetake-um9gi]

Due date ke baad 5days late maintenance bhara to uska calculation kaisa hota hai

[@kclsocietyservices4997]

per day basis, 5 days interest need to pay

[@savitridhanesha5852]

Sir good evening, I have a small question. There's a room on the top floor which is generally not used, but when some member uses it, say for storing his belongings as work is going on. Can the society charge 250/day. Is it right. Kindly provide an answer sir

[@kclsocietyservices4997]

Whom that room belongs to where you keeping the things? for using the common area society can charges as per their general body decision.

[@ajayparmar5001]

Kya yeahi penalty rate gujarat મેઈન ભી applicable હૈ. Kya koi general લૉ યા rules hai is bare mein જો સબ jagah lagu hota હો. Kindly reply kyonki meri society Rs100 pm charge kar rahi hai 300rs par.

[@kclsocietyservices4997]

Fixed Rs. 100 laga rahi hai toh wrong hai...iss rule ke hisab se agar kisi ka 10,000 outstanding hai Rs 100 peanalty aur agar kisi ka Rs. 200 outstanding hai toh bhi Rs 100....dont know how committee do this without thinking. Penalty should be always in % , rate of interest could be different for Gujrat. For Maharashtra max 21% annual i.e 1.75 monthly interest any society can charged.

[@ajayparmar5001]

Sir aap jante hai Gujarat mein kya rate hai. By law mein nahi likha hai.