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If you live in a rented apartment in Bangalore I am sure you must have heard of the term heavy deposit. When I move to Bangalore I used to think that every landlord here asked for a heavy deposit. If you do not know what does heavy deposit mean then let me tell you that a heavy deposit is a security deposit that is paid by a tenant to the landlord which is usually way higher than the standard security deposit amount. Usually, a standard security deposit amount is one month's rent. But in certain areas where the rental demand is very high, the landlords usually ask for a heavy deposit. I have seen this in most of the localities in Bangalore.
Now that you know what is heavy deposit flat you should keep in mind certain factors before you pay a heavy deposit to a landlord.
The tenant has to arrange for lakhs of rupees and deposit it to the landlord at the beginning of the agreement.
Yes, although there is no hassle of rent payment or utility bill payment, I am not certain if I will never be bugged for it.
They say that the whole amount will be given back towards the end of the tenure. But there will be deductions if the property suffers any slight damage. From my past experience, a scratch on the wall encourages landlords to cut money from the deposit amount. So in this case too, you never know how much of the deposit you’ll get back.
Come to think of it, a heavy deposit is a good deal if your landlord gives you back most of the deposit amount. That would practically mean that you lived in Mumbai at an affordable price. But of course, the terms and conditions still linger.
I hope my answer explained to you what does heavy deposit mean.
Rent and buy a property on NoBroker without paying any brokerage here. Opt for NoBroker buyer plans to get offers on property deals here. Read More: What is Security Deposit in Electricity Bill? What is the Difference Between Earnest Money and Security Deposit?Your Feedback Matters! How was this Answer?
- My friend got his house by visiting the real estate platform called NoBroker.
- The first step is Visiting the official site of NoBroker or downloading the mobile app
- My friend selected the location he wanted to rent a flat in and added up to three localities
- He clicked on the apartment and hit search.
- He further chose his preferred properties.
- NoBroker displayed a list of flats available for rent in the area.
- Flats with heavy deposits were marked.
- My friend saw the flats which had heavy deposits and properties which didn't,
- He clicked on one property and got details about the deposit, property, and the owner
- He selected one flat and contacted the owner to finalize his property.
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Authors Of The Question
what is heavy deposit
Basu
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3 Year
2021-12-12T10:38:49+00:00 2023-08-31T19:28:07+00:00Comment
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