A "low interest" loan shouldn't mean you have very little interest in paying it back!
Non-occupancy charges are levied when the ownership of the specific property is transferred by the society/developer to the owner; however, the unit remains unoccupied. This is applicable only when the unit is sub-let and does not apply when the unit is occupied by the spouse or family members like parents.Â
Charges towards non-occupancy, levied by the society/developer, should not more than 10% of the service charges.Â
Service charges pertaining to the non-occupancy charges relate to salaries or allowances to employees of the society, fees to committee members, stationary charges, an overhead cost borne by the society and common electricity charges, together form the non-occupancy charges.Â
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