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How Rental Deposit Loans Are Making It Easy For You To Rent A New House

  • Highlights

  • Pay brokerage and security deposit with a rental deposit loan

  • Use the doorstep service to get your rent agreement made

  • Make moving costs easy on your wallet too

  • Get up to Rs.5 lakh financing from Bajaj Finserv

Although purchasing a home can be an expensive affair, renting a home isn’t inexpensive either. Even when a rental agreement is made for more than a year, the rent increases on an yearly basis. This increase can be anywhere from 5% to 15%, making the cost of renting a home incrementally more expensive.

Further, while shifting, you’re sure to encounter expenses such as applying for a change in your gas connection, or having ACs and water purifiers reinstalled. You are also going to have to find a new cable and internet operator, pay for the connection as well as any deposits.

To make such costs lighter on your pocket, you can take a rental deposit loan. Here’s how you can benefit from this funding option.

Pay brokerage

While the ideal situation is finding a home on your own, it’s possible that you end up renting a home through a broker or a real estate agent. While your landlord will pay his/her broker, you still need to pay your share of the expense.

This cost depends on the broker’s fee, which is usually a month’s rent. The fee is also impacted by the length of lease you are looking for. Thus, at times, you may need to pay the broker more. As this can be expensive, choose to make this payment with the aid of a rental deposit loan.

Make a security deposit

Depending on the locality and home you choose, you are required to pay a security deposit to the landlord. This amount is kept safely until your lease expires and returned to you only when you move out. With most houses in metros requiring anywhere between Rs.50,000 and Rs.1 lakh or more as a security deposit, you may find it difficult to meet this expense in addition to the many others associated with renting a home. A rental deposit loan fills in the gaps by giving you the amount you need.

Fund your move to the new house

Moving to a new home can be an expensive affair. From buying furniture to hiring professional packers and movers as well as carpenters, plumbers and electricians for small-odd jobs, the ancillary costs are many. A rental deposit loan can help you pay for all of them, as well as unexpected ones.

Bajaj Finserv is one such lender that offers a rental deposit loan with funding up to Rs.5 lakh at a nominal interest rate. What’s more, you can apply for this loan easily and get disbursal within 24 hours. This allows you to cater to moving needs immediately. For instance, if you receive notice from your current landlord to move out in a month, you won’t have to worry as finance is just a few clicks away.

Best of all, you also can enjoy complimentary doorstep services to draft and register your rent agreement, without stepping out of your house! Therefore if moving homes is on the horizon, be sure to check your pre-approved offer to access this loan even quicker.

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