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Renting property - tips to keep in mind

Owning a residential property is a common aspiration for Indians. But, the reality is that most of us will rent a property to live in before we finally get to own our dream home. Here we share with you tips to keep in mind when renting a property.

You must sign a lease with the landlord. This is a legal contract. It must clearly state all the terms and conditions of your rental agreement. Specifically, it must make obvious the amount of rent, the due date, any penalties for late payment, the amount of security deposit the landlord will charge, and the duration of the lease.

A lease should also make clear your tenant rights – what you can and cannot do, as well as the obligations of the landlord towards you (the renter). Its worth spending a few thousand rupees to have your lease reviewed by a lawyer to ensure that you aren’t entering into a one-sided and unfair deal.

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