Housing Society: Interest and Principal Payment
My self JB Patil wants to get support. We are leaving in a rental flat and have to pay the maintenance regularly.We do not pay it regulary. Society charges us 18% interest. at the time of payment society says that we will receive interest first and principal later. I argues to receive to accept principal first as society is not a commercial institute as Bank is. Can I know what is the law ?
While paying the housing society dues interest first and principle afterward as per society rule. Is it correct or first principle amt and then interest as per co-opeartive ethics not a commercial institue.
I have to pay the outstanding of Flat Maintenance. The Society is receiving the interest first and principle after.I my opinion they should take principle first and then interest.Pl guideme.
Tenancy laws in India are not very well defined when it comes to the process or rate of maintenance and interest thereof. Maintenance charge and interest applicable in case of delay largely depend upon the rental deed and policies of the society. There exists no law in India which lays down any restriction upon societies regarding acceptance of principal amount prior to the interest amount, this decision of the society depends upon the terms laid down and agreed by the society and its members. However, if this decision of the society has to substansive grounds then you may raise your contention with the secretary of the society.
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