Rent Agreement in Chennai

Online Rental Agreements in Chennai

Many people wanting to rent a property or looking for a rented accommodation find it very difficult to get a house rental agreement, owing to the troubles of running between government offices, lawyers, and notary for the legal validations and verifications, With NoBroker’s service of online rental agreement in Chennai, landlords and tenants can take a seat back and let our professionals and team of legal experts do the needful for you.

The rental agreement and the lease agreement are the two most common agreements to rent houses or commercial property in Chennai. Although you may discover what these mean from their name, they have different clauses and lock-in periods. Get these answers, as well as many others related to rental agreements below.

What are the Different Types of Rental Agreements in Chennai?

To offer you the utmost clarity on the rental agreements in Chennai, let us first walk you through the different types of rental agreements that are popular in Chennai:

A Rental Agreement of 11 Months

In Chennai, the tenant and the owner can create a rental agreement for 11 months. The property can be used for commercial or residential purposes; however, he has to specify the same before renting the property. Once the lock-in period of 11 months is over, the rental agreements provide the provision to renew the agreement.
The owner cannot increase the rent amount or the deposit during the lock-in period. However, before the renewal of the agreement, the owner and tenant can mutually decide on increasing the rent amount.

Long-term Lease Agreements

The minimum requirement for the creation of a long-term lease agreement in Chennai is to have the agreement valid for at least a year. It can extend to 10 years or even more. The tenant has to pay the lease amount to the owner before moving into the property. The lease amount is big, and the tenant does not have to pay the rent monthly.
When the tenant vacates the property, the owner has to release the lease amount to the tenant. The owner can deposit this amount in a separate account during the lock-in period and make interest out of it.

Commercial Lease Agreement

The registration and processing of a commercial lease agreement are the same as those of a long-term lease agreement. However, before renting the space, the tenant must specify the purpose of renting and the business he is into to create a conducive environment for the property owner and the tenant.

Commercial Rental Agreement

A commercial rental agreement is the same as a rental agreement. However, the tenant uses the property to make an earning out of it. The tenant has to pay a monthly rent that is decided by the owner, and the security amount has to be deposited.

As opposed to the lease agreement, the tenant is eligible to get the security deposit back and not the monthly rent that he paid to the owner.

What are the Types of Payments made during renting a Property?

Three types of payments are involved during the renting of a property:

Rent:

Rent is the amount that a tenant pays to the owner in exchange for the facility that he dwells in or carries out his business. The owner decides the rent amount, and when the tenant agrees to it, they enter into a rental agreement.

The owner does not have the right to increase the rental amount during the lock-in period and without any prior notice to the tenant. Once the agreement period expires, the owner can propose an increase in the rent. If the tenant agrees for the same, a new rental agreement can be created with the revised rent and security deposit.

However, if the tenant does not agree to the raise, the owner has the right to terminate the contract and look for new tenants. In this case, the owner has to give notice to the tenant regarding the same.

Security Deposit:

A security deposit is typically worth the amount of two or three month’s rent. This amount is kept as a security with the owner to ensure that the tenant pays the rent every month. In case of any intentional damage to the property, the owner can use the security damage to cover the cost. In most cases, the owner releases the security deposit, when the agreement expires, and the tenant moves out of the rental property.
The tenant is not eligible to receive any type of interest on the security deposit that he is withheld with the owner.

Token Deposit:

The token deposit is completely different from the security deposit and the rent of the property. When a prospect visits the property and develops an interest in it, he pays the owner a minimal amount of the rent or the security deposit to book the property. This saves the property from other individuals from developing an interest in the same.

While paying the security deposit, the tenant can deduct the amount that he has already paid as a token deposit. Hence, the token deposit is a part of the security deposit or rent, and he need not pay anything extra.

What are the Documents Required for Rental Agreement Registration?

To create a rental agreement, you will require some of the basic documents.

For Tenants:

Passport-size photographs
Photocopy of identity proof (PAN card, Aadhar card, election card, passport, etc.)
Original identity proof for verification

For Landlords:

Passport-size photographs
Photocopy of identity proof (PAN card, driving license, Aadhar card, etc.)
Original identity proof for verification
Electricity bill or tax receipt of the property

For Witnesses:

Passport-size photographs
Photocopy of identity proof (PAN card, Aadhar card, election card, passport, etc.)
Original identity proof for verification

Steps to create an Online Rental Agreement in Chennai using NoBroker:

Visit the NoBroker’s online Rental Agreement website for the creation of the rental agreement

• Select your City for eg. Chennai
• Fill in all the required details of the tenant and the owner
• Discuss the important clauses with your tenant/owner and draft a rough copy of the same. Look for edits and check details of the rent amount and security deposit.
• Once it is approved by both parties, Review your application and make payment for the registration.
• Book a slot for the biometric verification at your location
• Receive the rental agreement through courier in the next 3-4 business days.

Getting the perfect legally valid rental agreement is not a hassle anymore, With NoBroker’s online rental agreement in Chennai, landlords and tenants can enjoy the comfort of applying online for the rental agreement and having the biometric verification at their locations, post which the hard copy of the notarized and e-stamped rental agreement will be delivered securely at their doorsteps.

Tired of searching online rental agreement services near you? Log into NoBroker’s website and get your Online Rental Agreement in Chennai.