Purchasing a home can be an expensive affair, and so is getting a home on rent. Moreover, the house rent increases every year, irrespective of having a rental agreement in place. This increase can be anywhere from 5% to 15%, making the cost of renting a home incrementally more expensive.
Further, while shifting, you’re sure to encounter expenses such as applying for a change in your gas connection or having ACs and water purifiers reinstalled. You will also have to find a new cable and internet operator, pay for the connection, and any deposits.
To make such costs lighter on your pocket, you can take a rental deposit loan. Here’s how you can benefit from this funding option.
Pay brokerage
While the ideal situation is finding a home on your own, you may end up renting a house through a broker or a real estate agent. While your landlord will pay their broker, you still need to pay your share of the expense.
This cost depends on the broker’s fee, which is usually a month’s rent. The price is also impacted by the length of lease you are looking for. Thus, at times, you may need to pay the broker more. As this can be expensive, choose to make this payment with a rental deposit loan.
Make a security deposit
Depending on the locality and home you choose, you must pay a security deposit to the landlord. This amount is kept safely until your lease expires and returns to you only when you move out. Most houses in metros require a security deposit between Rs. 50,000 and Rs. 1 lakh or more. You may find it challenging to meet this expense in addition to the many others associated with renting a home. A rental deposit loan fills in the gaps by giving you the amount you need.
Fund your move to the new house
Moving to a new home can be an expensive affair. The ancillary costs are many, from buying furniture to hiring professional packers and movers and carpenters, plumbers and electricians for small-odd jobs. A rental deposit loan can help you pay for all of them, as well as unexpected ones.
Bajaj Finserv is one such lender that offers a rental deposit loan with funding up to Rs. 5 lakh at a nominal interest rate. What’s more, you can apply for this loan easily and get disbursal within 24 hours. This allows you to cater to moving needs immediately. For instance, if you receive notice from your current landlord to move out in a month, you won’t have to worry as finance is just a few clicks away.
You also can enjoy complimentary doorstep services to draft and register your rent agreement without stepping out of your house. Also, you can go for a personal loan of up to Rs. 40 lakh with minimum documentation from Bajaj Finserv to fulfil your multiple financial needs. Therefore if moving homes is on the horizon, be sure to check your pre-approved offer to access this loan even quicker.
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