Repair fund interest charge on advance collections
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