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Builder imposing 24%interest on delayed payment is it legal
27-Mar-2023 (In Property Law)
I had bought flat in june 2013. Some parts of payment (3 instalments) were delayed by 10 days to 2 months and the builder is charging at 24% interest. Is it right to pay t he interest at 24%
You are silent on the terms of the agreement which is key to proper resolution of this query. I may state that both you and builder are bound by the terms of the sale agreement. If the builder has gone beyond its terms you have rightful cause of action to bring appropriate proceeding before the Consumer Forum to claim the return of excess money and for damages as well.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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