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There is a common question regarding the calculation of Rate of interest on the pending society dues by the defaulters. As per Bye Law No. 71, members 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. But the question still remains: How to calculate the rate of interest on maintenance dues payable?
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Let’s understand with this example:
Bill Date: 01/04/2021
Bill Due Date: 10/04/2021
Monthly Bill Amount: 1000/-
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| Payment before due date |
Unit A/101 has paid Bill of Rs. 1000/- on 10/04/2021. In this case, no interest is added and the bill of the month May will be of regular amount. |
|---|
| Payment after Due date |
Unit A/102 has paid Bill of 1000/- on 25th April. In this case payment has been delayed by 15 days. Interest will be Calculated as mentioned below: Interest on Dues = Dues*ROI*(Delay Days/365)=1000*(21/100)*(15/365)= 8.63 = 9(Rounded Off) May Month Bill will generated as = Rs. 1009 |
|---|
| No Payment till Next Bill |
Unit A/103 has not paid April’s month Bill. Interest will be Calculated as mentioned below: Interest on Dues= 1000 * (21/100) * (20/365) = 11.50 = 12 (Rounded Off) May Month Bill will generated as = Rs. 2012 |
|---|
| Partial Payment |
Unit A/104 has paid Rs. 500 before 10th Apr. So, the remaining dues are Rs. 500. Interest will be Calculated as mentioned below: Interest on Dues = 500 * (21/100) * (20/365) 5.75 = 6 (Rounded Off) May Month Bill will generated as = Rs. 1506 |
|---|
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Due to some reason I have not paid the society 16 months maintenance charges. My apartment was rented out to a tenant & due to post covid job issues he was not able to pay me the rent for 7 months. Hence, in turn the maintenance charges due to the society has been pending. Now the society has demanded 16 months maintenance with 21% interest. The break up is Rs.1150 per month x 16 = 18,400. Interest charged is Rs. 5152. Is this correct. They charging each month @28% (1st month to the 16th month). Should not they charge every month according the days delayed?
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Very good example, can you show me an example if the dues remain outstanding for more than a year , how is interest calculated in second year. Should the interest amount remain same per year, as it is simple interest.
I want to know how to calculate the 21 % interest rate on quarterly paid bills ,for exams if bill rs 2000 generated for April to June 2022 (3 months) on dtd 10/04/2022 due date 25/05/2022. If the payment has not paid after due due date ,then the interest will be charged for next 45 day with 21% p.a. and in next quarter the bill will be : – last dues 2000+ 52(interest.)+2000 (dues for July to Sept 2022)= 4052/-total billing amount. and the same did not paid by member in this 3 months even after due date, then what will be the calculation for this total as per 21% interest per annum in next bill of Oct to Dec 2022.?
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