Whether you are a landlord or a tenant, you are sure to be familiar with the need to register a rent agreement. This legally binding document gives you the right to receive rent or live in a rented home, depending on whether you are a landlord or a tenant. Further, it states the conditions of the agreement and serves as proof of a mutual agreement between the two parties. Here’s all you need to know about how to get the rent agreement registered.
Documents required to register a rent agreement
The number of documents required for this purpose is minimal. Typically, the landlord and tenant must have 2 passport-size photographs each, along with identity proof. Besides this, both parties are to submit their PAN cards and Aadhaar cards.
As the property owner, you also have to provide proof of ownership, whereas the tenant has to submit proof of his/her permanent address.
Ways to register a rent agreement
You can register your rent agreement in 3 easy ways, depending on what you find convenient. Take a look at what they are below.
Through online registration
To streamline this process, most states allow you to register your rent agreement online. If you’re in Maharashtra, for example, visit the website of the Department of Registration and Stamps, Government of Maharashtra. First register yourself as a user and then draft your agreement, enter owner and tenant’s details, upload the necessary documents and submit it for registration. However, to do this, you must have a biometrics scanner, and all parties, including witnesses, must have Aadhaar cards. You will be notified of the completion of the process by SMS. The only thing to remember is that you have to pay stamp duty and registration charges by logging on here.
Through your broker
If you wish to register the agreement in person, you can go through your broker, if you have one. He/she will make an appointment at your sub-registrar’s office and prepare a standard rent agreement. You and your landlord can make amendments to this, if you wish to. The good part about registering through a broker is that you will have assistance every step of the way, especially with regards to the documents required and the fees that you have to pay. That said, you have to pay the broker a fee in exchange for these services.
Additional Read: 5 things you should check before renting a new house
Through a rental deposit loan
Another option is to register your rent agreement on taking a Bajaj Finserv Rental Deposit Loan. Bajaj Finserv offers homeowners and tenants a loan of up to Rs.5 lakh via this loan. Landlords can use it to upgrade furnishings, pay for repairs and spruce up their home using this sum to earn higher rental income. On the other hand, tenants can use it to finance the expenses associated with shifting into a rental home, from security deposit and brokerage to movers’ charges. Moreover, when you take a Bajaj Finserv Rental Deposit Loan, you get access to doorstep services for drafting and registering of the agreement, so you don’t have to worry about tedious procedures.
Apart from a substantial loan amount and rent agreement assistance, this loan also gives you a tenor of up to 36 months for repayment, a protection plan to safeguard your banking cards, and customised insurance schemes. Best of all, you can get this loan within 24 hours. To accelerate the process further, check your pre-approved offer before you apply.
Additional Read: Pre-approved loan offers: Simplified
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