Quote:
Originally Posted by yenuga3
Hi,
I've noticed a common trend of collecting ten months rent as security deposit at the time of renting a property in Bangalore.
1. Is this legal? or, Is it (number of months) just a matter of understanding between the property owner and the tenant?
2. What does the law say in this regard?
3. What are the (rental) laws (state and central) in force in the state of Karnataka?
Appreciate your responses.
regards
yenuga
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It is the matter of mutual agreement.
The house owner is permanently residing there (in most cases). He will not run away leaving his property.
But on the part of tenants, there is a chance of running away without giving rent for many months. So the house owner has to be more cautious. Thats why he is charging 10 months payment in advance.
Even though this custom is prevalent, some house owners are charging 3 or 6 months rent as advance.
Thanks
chataara