According to the Economic Survey 2017-18, 28% of Indians live on rent in urban cities. With the increasing cost of purchasing a home and modern lifestyles where moving cities for jobs is common, renting homes becomes the preferred choice for homeowners and tenants. However, renting a home may cause financial strain at first. With the Bajaj Finserv Rental Deposit Loan, you need not worry about this. This funding solution offers up to Rs.5 lakh to aid both tenants and landlords.
Here is how you can use it to your advantage.
How tenants can benefit
The most common expense you have to bear when renting a home is paying the security deposit upfront, which usually equals 3 months’ rent. Additionally, you need to pay brokerage and a month’s advance rent too.
When you add moving and transportation expenses and additional expenses related to household appliances, installing a cable or internet connection and more, this amount can quickly go up by a few lakh. Using the Bajaj Finserv Rental Deposit Loan, you can easily cater to all these costs without jeopardising your investments and savings.
Additional Read: How to lower your EMIs by 45%?
How landlords can benefit
By ensuring your home is well-equipped with necessary furniture, fittings, and furnishings, you can create the potential to earn a higher regular income from tenants. Studies show that an unfurnished flat that you rent at Rs. 25,000 can command at least Rs. 30,000 when well furnished. With many choices in the market, tenants may look elsewhere if the property isn’t well maintained, isn’t newly painted, or has been left in disarray by the previous tenant. You can address all these renovation and improvement expenses using the Bajaj Finserv Rental Deposit Loan amount.
Why choose the Bajaj Finserv Rental Deposit Loan
With ample funding of up to Rs. 5 lakh, the Bajaj Finserv Rental Deposit Loan serves your interests no matter whether you are a tenant or a landlord. Not only is it quick, offers money in your bank account in just 24 hours, but it is also easy to apply for with minimal documents and an online application. This financing option also helps you get doorstep services, so you don’t need to travel to a branch and offers to draft and register your rent agreement.
Additional Read: Rental deposit loans help house-owners maximise rental yield
Repaying this loan is also convenient, as you can choose a tenor for up to 36 months based on your income and existing obligations. You also have the freedom to part-prepay the loan at no extra charges. Finally, you can benefit from value-added services of accessing a card protection plan to safeguard your debit and credit cards if you lose your wallet. You can also benefit from customised insurance schemes to protect you financially in case of unforeseen events.
With all these benefits at your fingertips, get ready to lease or rent a home across more than 200 Indian cities! Once your rental agreement is verified, you will receive the loan account within 24 hours from when you apply.
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