This calculator is designed to help homebuyers estimate the interest they are entitled to receive from builders or developers in case of delayed possession of property, as per the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA).
Here's how it works
1. Payment Details :
You enter the date of payment and the amount paid to the builder.
2. Promised Possession Date :
Input the original date on which possession was promised by the builder.
3. Interest Rate :
As per RERA, the interest rate is generally calculated at the rate of SBI’s highest marginal cost of lending rate (MCLR) + 2%. You can either use the default value or enter a specific rate.
4. Calculation :
~ The calculator computes the interest for the period between the promised possession date and the current date (or actual possession date, if applicable).
~ It uses a simple interest formula: Interest = (Amount × Interest Rate × Delay in Days) / (365 × 100)
5. Result : You get an instant estimate of the interest amount you can claim due to delayed possession. ⚖️ Disclaimer: This tool provides an approximate calculation based on the inputs provided. For legal proceedings or official claims, please consult with a legal professional or real estate advisor.
