what is heavy deposit

If you want to rent or buy a house, having information about different types of deposits is pertinent. As a tenant you will get the option of renting a property that has a heavy deposit, fixed deposit, no deposit, etc. A friend of mine recently rented a house which has a heavy deposit. I will tell you what is heavy deposit and heavy deposit flat. Take a look at my answer below : What is heavy deposit ? Heavy deposit flats are an emerging trend in the real estate sector. A heavy deposit is an agreement between a homeowner and a tenant. Wherein, the homeowner asks for a large sum of money as a security deposit with zero or agreed upon amount until the agreement ends. Some landlords prefer to rent their property with heavy deposits. The money asked as the deposit is returned to the tenant once the leave-and-license agreement ends. Given that the house which was out on rent is returned to the owner in original condition. Similarly, some tenants prefer to get the house on a heavy deposit. How to rent a heavy deposit house:

• 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.

I hope this answers your question about heavy deposit flats.  If you’d like a hassle-free renting experience, select one of Norboker’s tenant plans and let the experts do the rest. If you want help with drafting a rent agreement or lease agreement. Check out NoBroker Rent Agreement Services for a hassle free experience. Read more answers : What is a Security Deposit?    What should be a advanced deposit for a rental 2bhk or 1bhk How to deposit TDS on purchase of property? How to Become ASP for Leave and License Agreement  

I shifted to Mumbai a couple of years ago and as I had been instructed, I went to the broker to help me find a flat. I was confused when he asked me if I was comfortable with a rental space or a heavy deposit space. I asked him what is heavy deposit meaning first. He looked at me like I was some alien. Apparently, it is a popular concept there and I should have done my research. Nonetheless, I understood what it meant but I wasn’t sure if I was gonna go for it. Let me share with you what is heavy deposit rent and terms and conditions related to it. Heavy deposit rent meaning What Ritwik has mentioned is correct. My broker told me the same thing that in this form of agreement, I will have to deposit a lump sum amount at the beginning of the tenure and it will be returned to me as the agreement expires. Pay your monthly rent, and get rent receipts to claim HRA with NoBroker Rent Payment Services Although it looked too good to be true, I felt that the heavy deposit flat terms and conditions were hard to meet and I wasn’t certainly gonna get the whole deposit back. Since I found it hard to arrange lakhs and I had so many concerns, I decided to opt for the usual monthly rent agreement structure. I would perhaps be open to heavy deposit agreement in the future, but as of now this is all I know about heavy deposit meaning and its terms and conditions. Let me know if you have anything else to add. Create a rental agreement online from the comfort of your home with NoBroker Read more: How to make rent agreement How to make a rent agreement format

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?