{"id":1720,"date":"2021-05-29T09:47:46","date_gmt":"2021-05-29T09:47:46","guid":{"rendered":"https:\/\/www.dearsociety.in\/post\/?p=1720"},"modified":"2023-05-24T12:58:17","modified_gmt":"2023-05-24T12:58:17","slug":"calculation-of-rate-of-interest-on-society-dues","status":"publish","type":"post","link":"https:\/\/www.dearsociety.in\/post\/2021\/05\/29\/calculation-of-rate-of-interest-on-society-dues\/","title":{"rendered":"Calculation of Rate of Interest on Co-Op Housing Society Dues"},"content":{"rendered":"<h5 style=\"border: 2.5px solid #eabc11; padding: 10px; text-align: center;\"><a title=\"https:\/\/www.dearsociety.in\/post\/?p=2865&amp;preview=true\" href=\"https:\/\/www.dearsociety.in\/post\/2019\/05\/15\/15052019\/\"><strong>READ IN MARATHI<\/strong><\/a><\/h5>\n<h4 style=\"text-align: center;\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.dearsociety.in\/post\/wp-content\/uploads\/2019\/05\/penalty_dues_tital2.jpg\" \/><\/h4>\n<p><span style=\"color: #000000;\">There is a common question regarding the calculation of Rate of interest on the pending society dues by the <a style=\"color: #000000;\" href=\"https:\/\/www.dearsociety.in\/post\/2021\/05\/29\/documents-required-for-recovering-dues-from-defaulter\/\">defaulters<\/a>. 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\u00a0 maintenance dues payable?<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3011 size-full\" src=\"https:\/\/www.dearsociety.in\/post\/wp-content\/uploads\/2021\/05\/post3-1.jpg\" alt=\"\" width=\"680\" height=\"120\" srcset=\"https:\/\/www.dearsociety.in\/post\/wp-content\/uploads\/2021\/05\/post3-1.jpg 680w, https:\/\/www.dearsociety.in\/post\/wp-content\/uploads\/2021\/05\/post3-1-300x53.jpg 300w, https:\/\/www.dearsociety.in\/post\/wp-content\/uploads\/2021\/05\/post3-1-150x26.jpg 150w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/p>\n<ul>\n<li><a href=\"https:\/\/www.dearsociety.in\/post\/2021\/05\/26\/housing-society-audits\/\">See this also: <u><strong>Co-operative housing society audits!\u00a0<\/strong><u><\/u><\/u><\/a><\/li>\n<li><strong>You may like this video:<\/strong><\/li>\n<\/ul>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/vI_r99VaYWs\" width=\"857\" height=\"482\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Let&#8217;s understand with this example:<\/p>\n<p><strong>\u00a0<\/strong><strong>Bill Date: 01\/04\/2021<\/strong><\/p>\n<p><strong>Bill Due Date: 10\/04\/2021\u00a0\u00a0\u00a0\u00a0<\/strong><\/p>\n<p><strong>Monthly Bill Amount: 1000\/-<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.dearsociety.in\/contact.php\">Legal procedure for <strong><u>Recovery of dues\u00a0<u><\/u><\/u><\/strong><\/a><\/li>\n<li><strong>You should watch this video<\/strong><\/li>\n<\/ul>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/1NJq39VSOJQ\" width=\"857\" height=\"482\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<th style=\"background-color: dodgerblue; text-align: left; color: #fff; padding: 20px; width: 20%; border-color: #c38d02;\" rowspan=\"2\">Payment<br \/>\nbefore due date<\/th>\n<th>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.<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<th style=\"background-color: #c38d02; text-align: left; color: #fff; padding: 20px; width: 20%; border-color: #c38d02;\" rowspan=\"2\">Payment<br \/>\nafter Due date<\/th>\n<th>Unit A\/102 has paid Bill of 1000\/- on 25th April. In this case payment has been delayed by 15 days.<br \/>\nInterest will be Calculated as mentioned below:<br \/>\nInterest on Dues =<br \/>\nDues*ROI*(Delay Days\/365)=1000*(21\/100)*(15\/365)= 8.63 = 9(Rounded Off)<br \/>\nMay Month Bill will generated as = Rs. 1009<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<th style=\"background-color: tomato; text-align: left; color: #fff; padding: 20px; width: 20%; border-color: #c38d02;\" rowspan=\"2\">No Payment<br \/>\ntill Next Bill<\/th>\n<th>Unit A\/103 has not paid April&#8217;s month Bill. Interest will be Calculated as mentioned below:<br \/>\nInterest on Dues= 1000 * (21\/100) * (20\/365) = 11.50 = 12 (Rounded Off)<br \/>\nMay Month Bill will generated as = Rs. 2012<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<th style=\"background-color: mediumseagreen; text-align: left; color: #fff; padding: 20px; width: 20%; border-color: #c38d02;\" rowspan=\"2\">Partial<br \/>\nPayment<\/th>\n<th>Unit A\/104 has paid Rs. 500 before 10th Apr. So, the remaining dues are Rs. 500.<br \/>\nInterest will be Calculated as mentioned below:<br \/>\nInterest on Dues = 500 * (21\/100) * (20\/365) 5.75 = 6 (Rounded Off)<br \/>\nMay Month Bill will generated as = Rs. 1506<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<p>&nbsp;<\/p>\n<h4 style=\"text-align: center;\"><strong>Read also<\/strong> :<span style=\"background-color: #ffffff;\"><strong>\u00a0<span style=\"text-decoration: underline;\"><span style=\"color: #000000;\"><a style=\"background-color: #ffffff; color: #000000; text-decoration: underline;\" href=\"https:\/\/www.dearsociety.in\/post\/2021\/06\/01\/dues-recovery-of-societies\/\">\u0938\u0939\u0915\u093e\u0930\u0940 \u0917\u0943\u0939\u0928\u093f\u0930\u094d\u092e\u093e\u0923 \u0938\u0902\u0938\u094d\u0925\u093e\u0902\u091a\u0940 \u0925\u0915\u092c\u093e\u0915\u0940 \u0935\u0938\u0941\u0932!<\/a><\/span><\/span><\/strong><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>1. Website &#8211;\u00a0 \u00a0 \u00a0<a href=\"https:\/\/www.dearsociety.in\/\">https:\/\/www.dearsociety.in\/<\/a><br \/>\n2. Instagram &#8211; \u00a0<a href=\"https:\/\/instagram.com\/dearsocietymh?igshid=NmE0MzVhZDY=\" target=\"_blank\" rel=\"noopener\">https:\/\/instagram.com\/dearsocietymh?igshid=NmE0MzVhZDY=<\/a><br \/>\n3. LinkedIn &#8211;\u00a0 \u00a0 <a href=\"https:\/\/www.linkedin.com\/company\/dear-societyin\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.linkedin.com\/company\/dear-societyin\/<\/a><br \/>\n4. Facebook &#8211;\u00a0 \u00a0<a href=\"https:\/\/www.facebook.com\/dearsocietyMH?mibextid=ZbWKwL\" target=\"_blank\" rel=\"noopener\">https:\/\/www.facebook.com\/dearsocietyMH?mibextid=ZbWKwL<\/a><\/p>\n<h3><em><strong>#WeRunSocieties<\/strong><\/em><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>READ IN MARATHI 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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[47,132],"tags":[96,98,31,97,91,88],"class_list":["post-1720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bye-laws","category-co-operative-housing-society","tag-bye-law-71","tag-dearsociety-accouting-module","tag-defaulters","tag-interest-calculation-on-maintainance-dues-chs","tag-recovery-of-dues","tag-recovery-of-dues-defaulters"],"_links":{"self":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/1720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/comments?post=1720"}],"version-history":[{"count":18,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/1720\/revisions"}],"predecessor-version":[{"id":3020,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/1720\/revisions\/3020"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/media\/3016"}],"wp:attachment":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/media?parent=1720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/categories?post=1720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/tags?post=1720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}