Have you ever thought the advantages of having a house rental agreement? It is not just a legal agreement between you and your house owner. The application of rental agreement is wide and beneficial. So we thought to introduce some of the advantages of having a rental agreement on today’s Bro4u Guide.
Minimizes the conflicts between a tenant and the owner
If you rent a home or apartment, make sure you demand a rental agreement. Suppose you might have paid the advance amount and to your bad luck, if your owner claims that you haven’t paid then the rental agreement will come to your rescue. While paying rent, avoid giving cash on hand as there will be no proof for the transaction made.
Saves your from paying for any damages at home
When you move to a new home and if any damages were there before then ensure that you communicate a word to your owner and mention the same on the agreement. This way, a rental agreement will save you from paying for damages at home.
Rental agreement acts as an address proof
The rental agreement makes sure your existence in the city and acts an address proof for various financial transactions.
Acts as a proof for Bank loans
If you are applying for a bank loan then you’ll be asked to submit an address proof. In this case, the rental agreement will come to your rescue and acts as a strong address proof compared to other documents.
Helps in investment & loan
Suppose if you are investing in a property or lending a loan to someone then you can demand a rental agreement as one of the proofs. This ensures that the borrower (lessee) is under the agreement of law.
Vehicle registration
According to RTO rules, a registered rental agreement is a must for new vehicle registration. It is made mandatory keeping the crime and illegal activities in consideration.
Rental agreement acts as an identity proof
Everywhere the identity proof will be asked to prepare the documents from pan card, passport, affidavits, college ids etc. Other documents like driving license and Aadhar card as an identity proof but a rental agreement will add as one more document to the pool.
BMTC asks Rental agreement for a yearly pass
If you want to have a yearly bus pass then you need to have a registered rental agreement attested from a government official. For the monthly and daily pass, the rental agreement is not mandatory.
Rental agreement is needed for passport making
If you want to make your passport then address proof is one of those required mandatory documents. Giving rental agreement as an address proof will ease your police verification process.
Get your passport done at the comfort of your home from Bro4u.
Helps in getting a new gas connection
When you opt for a gas connection from government agencies like Indian gas or Bharath Gas then you need to submit a copy of your electricity bill, passport size photo and rental agreement as a proof.
The rental agreement is a very important document which is a must have for both tenant and a house owner. Make your rental agreement in bangalore with us. We come to your home for document collection and within a day, we’ll deliver your agreement copy.
Hope this article about the ‘advantages of having a house rental agreement’ was informative 🙂
