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Repair fund interest charge on advance collections


2 weeks ago Rashid Shariff , Mumbai

Society is planning a major repair however to ease the members its created a 20 month payment plan of 7k per month . Post this 20 month period the repair will be carried out. No work is started so far.

If I am paying this in lumpsump at the 8th months i.e before the 20 month time then can the society still charge interest as i did not pay the money every month for the first eight months ? The total interest charged is around 8K

Related to housing society bye-laws


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