S Ramanathan 28 September 2020

Max late fee that can be collected by apartment resident for delayed maintenance charges payment

I want to know what is the Max Interest Percentage that can be levied for maintenance dues delayed payments. Also, can you please let me know the reference link for the Rulkes governing this amx interest on such payment delays?

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Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 28 September 2020

1. The Fine /Penalty or percentage of Interest, that can be levied on delayed or pending Maintenance Bills, shall depend on the registered bye laws of the Association /Society. Hence there is no fixed rate for the same and also differs from state to state. In Maharashtra, it is 21% simple interest, maximum.

Keep Smiling .... Hemant Agarwal
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