How To Calculate Interest On Delayed Possession Of Your Flat

Introduction

For a person, the buying of flats might be one of the biggest financial decisions of their life. Now in the process of purchasing a property with their money, it is expected that the person will get possession of their flats as per the timelines fixed by the builder. The problems start when a person is unable to take possession of the property and non-payment of interest and rent at the same time to repay home loan EMIs, creates an immense financial burden on the buyer. There are, however, certain provisions to help the home buyers in these circumstances, which is covered under RERA Act. Provision of Section 18 of the RERA Act allows allottees to obtain interest in regard to their possession of flats, as well as compensation for the case when possession is delayed beyond the timeline mentioned. If the developer fails in giving possession during the period stated, there are two alternatives for the allottee: either reside in the project while earning the interest or