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Bangalore, with its pleasant climate and lively entertainment offerings, is known to be a great city for people seeking career growth, especially in the IT sector. Since the city houses a number of corporate offices, IT companies and start-ups, it attracts a large number of professionals from across the country. However, moving to the city is also a costly affair, considering the fact that a rental home in Bangalore can be quite expensive. Here, you can expect to pay rent upwards of Rs.16,000 per month, on average, for a 1BHK apartment in the city.
Must Read : You can apply for a security deposit loan online With Bajaj Finserv
As per research conducted in 2019, the average annual cost for a family to live comfortably in Bangalore can amount to a whopping Rs.9.9 lakh without kids and Rs.17.45 lakh with kids. However, renting an apartment is substantially cheaper than buying a home as most of the localities in Bangalore are experiencing a price hike with the buy rates in some areas peaking at a high of 485%. For instance, while you can rent a 1BHK in Koramangala for approximately Rs.20,000, the cost of the same will be around Rs.65 lakh.
Now that you know what to expect, find houses for rent in Bangalore easily by adhering to these tips and make your relocation simpler.
While your budget and needs are key determinants when handpicking a house for rent in Bangalore, make sure that you consider aspects like broker’s fees, the initial deposit amount and moving costs. Generally, the rent deposit in Bangalore is equal to 10 months’ rent, which is quite high in comparison to other cities like Mumbai where the deposit is usually 3 months’ rent. Knowing such costs beforehand will help you determine your expenses accurately.
You also need to consider the apartment type you are looking for, as the price differs for each configuration and locality. For instance, if you are moving with your entire family, you would probably need a 2-3BHK apartment and rental rates for these are approximately Rs.25,000 to Rs.39,000 in places like Whitefield, Rs.40,000 to Rs.55,000 in Indiranagar, and Rs.20,000 to Rs.29,000 in Electronic city. In contrast, you’d need to spend less for a 1BHK flat for rent in Bangalore, but the cost for this is higher if you want a place to yourself in comparison to sharing a 2BHK with a roommate. If you do want to live separately, a 1BHK costs approximately Rs.18,000 in Indiranagar, and around Rs.15,000 in Whitefield and Electronic City.
In addition to the cost, make sure you check the apartment size as well, since Bangalore’s average apartment size has shrunk by 27% from 2014 to 2019, with an average flat size reduced to 1300 sq. ft. This may require you to rent a larger apartment based on your needs.
With such soaring costs, you can manage your expenses better by opting for a rental deposit loan from Bajaj Finserv. Here, you can avail funds up to Rs.5 lakh to cover the security deposit, 1-month advance rent payment, brokerage charges and transport costs. Once you have tackled these expenses, you can repay the loan at ease by choosing a flexible repayment tenor that ranges up to 36 months.
Read Also : 5 Ways in Which a Rental Deposit Loan Helps You
When you’re scouring the internet for flats to rent in the Garden City and visiting properties, take the time to evaluate the amenities offered to know whether you are getting good value for your money. For instance, pay attention to kitchen and bathroom fittings, drainage systems, walls, windows and tiles. This will help you be sure that you do not need to spend anything on repairing the property in addition to paying rent.
Further, verify if you are getting the apartment fully furnished, which comes at a premium of about 20%, or unfurnished so you can determine the net expense involved. Some complexes have general amenities such as a gym or a park available to all its residents. Check for these as they add to your lifestyle and convenience.
Alongside amenities, the locality is one of the most critical aspects you should evaluate. Ideally, you’d want to lock in on a house for rent in Bangalore that’s close to your place of work, as it will help you cut down on travelling expenses and importantly, save time. This is key as a recent report by Dutch company TomTom has stated that Bangalore has the worst traffic in the world, with commuters spending up to 243 hours each year stuck in traffic during peak hours.
Similarly, having convenience stores, malls, restaurants, schools, hospitals and parks within a few kilometres’ radius will also help you cut travel costs and increase accessibility. In Bangalore, you’ll commonly find people say that distance is measured by travel time rather than distance, and being in close proximity to facilities ensures that you have everything you need within reach.
Must Read : 5 Things You Should Check Before Renting A New House
Once you have considered the main factors, get into the nitty-gritties and spend some time with the property’s papers. Go through clauses as well as inclusions and exclusions carefully to avoid surprises later. You can simply ask your landlord to provide you with a draft of the agreement before you sign it to ensure that your interests are protected. In addition to the clauses, also look at yearly rental hikes and negotiate this aspect if possible, so that you don’t have to find houses for rent once again in the span of a year. Landlords in Bangalore usually increase rent by 5%-10% each consecutive year.
Additional Read : 4 Things Every House-Owner Should Do Before Renting Out Their Property
These tips are sure to help you find a rental home in Bangalore that matches your requirements and budget. By availing Bajaj Finserv’s Rental Deposit Loan, you can give your finances added flexibility. This loan helps you tackle brokerage expenses, registration and stamp duty fees and other rental costs without straining your budget. Moreover, with the rental deposit loan, you can also avail the Flexi Loan facility, which allows you to borrow funds from your sanction when needed, multiple times. It also grants access to the My Home insurance policy by Bajaj Allianz, giving you coverage across a number of accidental losses, natural calamities and risks.
You can apply for the rental deposit loan online in just 3 easy steps and have the amount disbursed in your account within 24 hours. For instant financing, you can also check your pre-approved offer from Bajaj Finserv.
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