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.
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what is heavy deposit
Basu
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December 12, 2021
2021-12-12T10:38:49+00:00 2023-08-31T19:28:07+00:00Comment
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