The rental prices of the growing cities are increasing! But along with it, the rental deposits have also soared sky-high. For professionals of new India trying to settle in the growing cities with a fresh job and new marriage, it becomes increasingly difficult to pay the rental deposits although they can manage the rent. These professionals often prefer to stay close to their workplaces and quite often, that calls for even more rents and rental deposits.
The companies often reimburse the relocation charges but do not pay the rental deposits which can go to lakhs of rupees. Especially in cities like Mumbai and Bangalore, in areas where the property prices are high, people seeking rental accommodation find it difficult to pay the rental deposits. Although the rents may be manageable but mostly for people at the beginning of their career find it difficult to save such large amounts of money to pay for the rental deposits. In such cases, there is a way out as you can easily pay for the rental deposits through rental deposit loans which are provided by many established non-banking financing companies and online companies.
More about rental deposit loans
For many, the loan for rental deposits is a great boon who has faced the problem of high-security deposits for a rental apartment in the cities. There are several digital platforms who lend money for rental security deposits. For such people who are ardently in the need of the rental deposit loans, it’s really an advantage as they have a tough time in procuring the hefty security deposits asked by the landlords. A rental deposit loan helps them a lot without creating a burden on the prospective tenants and denting their finances with exhausting their savings.
The rental deposit loans range from Rs. 1 lakhs to Rs. 5 lakhs and the tenure can be 11 months to 33 months which depends on the rental agreement entered into between the landlord and the tenant. The borrowers of such rental deposits just have to pay the interest until the termination of the rental period or the lease. The security deposit, when returned by the landlord or at the termination of the lease or rent period, can be returned to the lending company, for which a declaration is obtained from the landlord. This becomes extremely convenient for the tenants willing to relocate at places with high rental deposits.
Procuring the rental deposit loan
Tenants willing to avail the rental deposit loans should just fill up an online application form stating their details and the requirements with the relevant documents being uploaded. The documents submitted are duly verified by the lending companies and the loans are usually disbursed within 24 hours after the approval. This turns out to be convenient for the tenants as the monthly interest payable is very low in comparison to the personal or other loan EMIs. There are of course many NBFC companies along with the branded ones and several online companies who offer these loans. This definitely would help the tenants who propose to rent at places and homes with higher rental deposits and with a little financial discipline, the shifting can be hassle-free.