CRE Rules 15Chapter V · Interest Payable by Promoter and Allottee and Timelines for Refund
Section 15 · Interest payable by promoter and allottee
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- The rate of interest payable by the promoter to the allottee or by the allottee to the promoter, as the case may be, shall be the State Bank of India highest Marginal Cost of Lending Rate plus two per cent.:Provided that in case the State Bank of India Marginal Cost of Lending Rate is not in use it would be replaced by such benchmark lending rates which the State Bank of India may fix from time to time for lending to the general public.
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