Outstanding interest and maintenance in housing society

[Ashwin Shah]

Query: while paying maintenance and interest in housing society whether interest has to be deducted first or maintenance being a welfare organisation.
example Total outstanding Rs. 100000.00 principal rs.70000.00 Interest Rs.30000.00. Payment made Rs.80000.00> What should be deducted first Rs.70000.00 and then Rs.30000.00 or vice versa.
This is a query under Maharashtra Coop.Hsg.Soc.act 1960

[Dr. Ashok Dhamija]

You may perhaps have to refer to the byelaws of your own society. The Maharashtra Co-operative Societies Act appears to be silent on this issue.     

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Dr. Ashok Dhamija is a New Delhi based Supreme Court Advocate and author of law books. Read more about him by clicking here. List of his Forum Replies. List of his other articles. List of his Quora Answers. List of his YouTube Videos.

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