Hey buddy. A few months ago, my father had this query, can landlords ask for bank statements? He asked me to check for it. I researched and found before completing a rental agreement, landlords in India can ask renters for specific documentation. Bank statements are one such document that is usually asked for, though this is not legally mandatory.
Can a Landlord Ask for Bank Statements?
Yes. As part of their due diligence process, landlords need bank statements to ensure you can pay the rent and have a steady source of income. This occurs with expensive property or in cities where rent might be costly.
Although there isn't a rule forbidding landlords from requesting a bank statement, tenants can still safeguard their privacy.
Tenants can request clarification on why this document is needed and whether it is required by law.
During my research, I found a landlord might ask for 3 to 6 months of bank statements. There is a reason behind it. It is done to verify the tenant’s financial stability and assess whether their income can cover the rent, along with other expenses.
As a landlord, before collecting bank statements from your tenant, you must get their permission and make sure the data is only used to evaluate the tenant's financial stability.
Overall, it is becoming more and more common for landlords to request bank statements from prospective tenants. I hope you found can landlord request bank statements informative.
Consult NoBroker Lawyers and Know Your Rights as Landlord or TenantRead more
Tenant Rights After 10 Years India: Can a Tenant Claim Ownership of a House in India
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
Can Landlords Ask for Bank Statements?
pia
53 Views
1 Answers
33 days
2024-11-20T07:47:49+00:00 2024-11-20T07:47:50+00:00Comment
Share