[Resolved]  Co-Operative Housing Society — Defaulter in maintenance

It's perfect as the Member who reside may be for some reason would not be in a position to pay the dues. Being it's housing Society charging interest on the member should be avoided or has to be very nominal for the caution. If the same member constantly make late payment he should be informed about it.Monthly maintenance charges has to be on time where as if Society takes some repair work and does not complete to the satisfaction of any individual member ( his/her flat getting damaged due to the repair work outside building ) then the so called committee should take responsibility and discuss the issues with that member and settle the dispute. if not it will drag on.

Our request to you sir is can a Society abnormally charge RI (21% Compound Interest even though in a General Body Meeting it's approved for SI ) on an individual residing Member. As mentioned above, the member decide to pay in one go to settle all his dues if he is not charged interest/ a very nominal amount as penalty. It clearly shows his interest of making payment to the Society. Kindly suggest. Thanks.

Socity can not charge compound interest, only simple interest can be charged.

Society can charge upto 3% penal charges over and above normal rate of interest