4 Questions About Rental Security Deposit Answered
For renters, they know the drill of giving away a security deposit along with the first month's rent to the landlord when they sign the rental agreement. This money, that is kept with the landlord, might be used in case of any repairs needed during the stay.
But, many renters are still looking for some important answers regarding security deposit. MakaaniQ answers four key questions that pop in a tenant's mind regarding about security deposit:
Why do I have to give a security deposit?
Security deposit is mandatory under the rent agreement you and your landlord sign. This money is taken by the landlord as a token of guarantee that you will be adhering to the timeline of the rent agreement and also, can be used repairs of any kind of damage you do the property during the tenure of your stay. In case the damage costs more than your security deposit, you will be liable to pay that too. Moreover, this can also act as a backup in case you skip a month's rent. In such a case, the landlord doesn't return the security deposit after you complete your duration of stay.
How much security deposit do I have to give?
Generally, security deposit is equivalent to a month's rent and in some cases, it can be two months or more. This depends on the landlord. So, when out for a rental house hunt, ensure that you check with the landlord about the security deposit he will take. Also, save up enough so that you could give the required money. Even if it's one month's rent, you will have to pay a double rent in one go.
Also read: How Much Do Delhi Landlords Make?
When will I get my security deposit back?
Security deposit is returned after you have completed your duration of stay i.e. 11 months in India. The landlord first takes a close look at the property to know how you kept it during your stay, note the damages if any. And then, based on the same, returns you the deposit full or certain percentage, or not at all. He could return this to you in a form of cheque, cash or online transfer.
What could be the reasons I din't get my security deposit back?
Some of the key reasons of the landlord not returning you the security deposit are the possible damages you have done to the property. This includes damaged wall paint, broken sanitaryware or kitchen fittings, damaged furniture in case you moved into a furnished apartment or broken tiles or flooring among others.
Also, in case you skipped paying a month's rent to be ready to miss out on the deposit.