Feb
25
Is the landlord obliged to pay interest on lease amount, until he pays back after termination of agreement?
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I entered into a residential lease agreement for 2 years, but vacated after 1 year. I have given 2 month notice before vacating according to the agreement. Its been more than 4 months now and the landlord has not yet paid back the lease amount.
Can I demand for interest from the landlord, even though in the agreement he has mentioned that he would not pay interest if the payment get delayed?
Kindly give me advice according to Indian Law.
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4 Comments
February 25th, 2009 at 10:27 pm
You can demand whatever you like…it does not mean the landlord is obligated to pay it.
March 1st, 2009 at 2:40 am
If you gave your 2 months notice what you are entitled to is your security deposit plus the interest it earned. Then minus any fees or damages the landlord claims. he must submit a detailed list of any charges he withholds for. Your landlord should have had your security in an interest earning account. The rate on those accounts is usually very small, not worth fighting for. But your landlord must return your deposit within 30 days. He can not purposely withhold it
March 3rd, 2009 at 10:28 am
By lease amount do you mean security deposit.
You should have asked for a cheque of that amount while you handed over vacant possession.
How did you agree to such terms in the agreement?
March 3rd, 2009 at 3:43 pm
yes certainly the landlord obliged to pay interest on lease amount, until he pays back.
even though in the agreement he has mentioned that he would not pay interest if the payment get delayed, it does not mean that he can keep for ever. a reasonable time of 1 month can be accepted without interest. when already 4 months lapsed he has to pay interest.
Edit:
from your earlier question i found that you have not given the keys back. how do you expect him to pay interest?
my answer before edit line is valid only had you returned the keys 4 months back. when you hold the keys it amounts to keeping in your possession and you are not entitled to interest.