Rental security deposits typically equal 2– to 10–months’ rent, and you pay your landlord this amount when you take a home on rent. It is collected so that the landlord can offset any damages to the property, barring regular wear and tear. The security deposit is refundable at the end of the lease as per the terms of the agreement. That being said, tenants often complain that landlords are not inclined to transfer rental security deposits, in part or in full.
To protect your rental security deposit and avoid legal complications later, here are some measures you can take.
Document the property thoroughly: Use photographs, videos, and checklists to make note of the current state of the flat. This way, you avoid being charged for existing damage to the flooring or fittings, for instance.
Read the lease agreement carefully: Ensure that the lease mentions the damages you will be accountable for and how the amount will be deducted from your deposit. More importantly, seek written confirmation of the refund procedure and date.
Repair damages you are responsible for: Take it upon yourself to carry out repair work within reason. For instance, fill in drill holes. Additionally, be sure to clean the entire apartment before vacating it.
Request a final walk-through: Before you hand the keys back to the landlord, request an inspection. This helps identify damages in excess of regular wear and tear in your presence and determine how much of the security deposit will be returned to you.
With rental security deposits going up to Rs.1.40 lakh and more in Indian metros, taking these steps will help you ensure that you get your deposit back in full. However, it is possible that your landlord may not return the entire rental security deposit or take time to do so, and in the meanwhile, you may require liquid finance to secure your next rental home. With the Bajaj Finserv Rental Deposit Loan, you can do just this. You get finance up to Rs.5 lakh, repayable over a maximum of 36 months. You can use it to pay:
- Security deposit
- Advance rent
- Transportation costs
Bajaj Finserv offers a 24-hour disbursal, doorstep assistance in registering the lease agreement, access to the My Home Cover by Bajaj Allianz and a Flexi Loan facility. Best of all, you can check your pre-approved offer for instant loan approval.