Interest on Interest Interest on Interest

3 years ago

The society in mumbai charging 18% interest on late payment of maintenance. but problem is that they charged more interest on 18% which makes it more than 21%. Is it legal. Do I have to pay full 21% or 18% or full interest is void.

Ayantika Mondal @ Prime Legal

Responded 3 years ago

A.Hello,
It would depend upon the contract.
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Anik

Responded 3 years ago

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A.Hi,
More specifications are required about the contract, since interest is regulated by the contract.
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