Section 17 in Bihar Real Estate (Regulation and Development) Rules, 2017
17. Interest payable by promoter and allottee.
- 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 at two percent above the prevalent Prime Lending Rate of State bank of India prevailing on the date on which the amount becomes due.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.
