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Know The Basics Of Registering A Rent Agreement

  • Highlights

  • Gather basic documents for agreement registration

  • Register your document online or via a broker

  • Get registration services with a Rental Deposit Loan

  • Bajaj Finserv offers this service with a Rs.5 lakh loan

Whether you are a landlord or a tenant, you 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. Thus, knowing how to get the rent agreement registered is important. Here’s all you need to know about this formality.

Documents required to register a rent agreement

The number of documents required for this purpose are 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 owner of the property, 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 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 to gras.mahakosh.gov.in

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 New House

Through a rent deposit loan
Another option that you have 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. While landlords can use it to upgrade furnishings, pay for repairs and spruce up their home using this sum to earn higher rental income, tenants can use it to finance the many expenses associated with shifting into a rental home, from security deposit and brokerage to packers and movers’ charges. How does this help with registering a rent agreement? 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

DISCLAIMER:
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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