According to data from PropTiger, rents have decreased by 1–26% in 2019. This is one of the reasons why people are more inclined to rent a property as opposed to buying one. That said, renting is still costly, especially if you are considering moving to metro cities. To facilitate a pocket-friendly shifting experience, opt for a Rental Deposit Loan from Bajaj Finserv. It offers a loan amount of up to Rs.5 lakh, which acts as a personal loan for security deposit, and can be easily repaid over a flexible tenor of up to 36 months.
Moreover, this is loan is also beneficial to landlords. You can use it to for repairs and renovation to make your home more attractive to tenants. In turn, this can help you secure higher rental yield too.
For a detailed look at the ways in which this loan is beneficial to both parties, keep reading.
- Pay the security deposit
Bangalore, for instance, boasts of having the highest security deposit, approximately Rs.1,34,500. Paying this charge can burn a hole in your pocket. However, a personal loan for security deposit in the form of a rental deposit loan helps you easily cover this expense.
- Fund brokerage
As a landlord or tenant, hiring a broker requires paying brokerage, which is usually a month’s rent. This can be expensive, especially if you’re picking a 2/3BHK where the rent runs into lakhs, but can be tackled using the loan.
- Finance transportation
Packers and movers can charge between Rs.4,000 and Rs.50,000 for a distance ranging of up to 1,900km, which is a hefty sum. Fortunately, the Rental Deposit Loan can help you pay this.
- Renovate your property
There are 10,780 properties in Bangalore available for Rs.20,000 per month. With the ample supply, as a landlord, getting the desired rent is not easy. So, add security features and creature comforts to your house to attract more tenants. While this is expensive, costs can easily be met through this loan.
- Furnish your property
You can use the loan to buy items that help your home qualify as fully-furnished. This is smart, as such homes fetch a rent that’s higher than unfurnished homes. Also, you can charge a higher security deposit too.
Whether you’re a landlord or tenant, be sure to use the Bajaj Finserv Rental Deposit Loan to your advantage. To get customized financing, simply check your pre-approved offer online.
Must Read: Financial solution for security deposit