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6 April 2020

Avail Rental Deposit Loan for Hassle-Free Relocation in Kolkata

Every year, multitudes of individuals from different regions of the country relocate to metro cities on account of better job opportunities. Kolkata is no exception and witnesses a yearly migration of a significant chunk of the population. In between 2019 and 20, its population grew by 95,000, the lion’s share of which accounts for migration to the city for employment.

While landlords across Kolkata meet the rising demand for accommodation, the migratory populace finds funding accommodation a financially straining endeavour. Hence, to mitigate the impact of such a burden, newcomers can avail a rental deposit loan in Kolkata.

The initial financial burden which comprises security deposit, advance rent, and/or brokerage costs accompanied with other ancillary expenses make it superlatively straining for an individual. A rental deposit loan in Kolkata can thus make for initial funding required to secure accommodation.

This credit facility allows individuals to settle conveniently and stabilise their financial position post-relocation.

An overview of Kolkata rentals

Although Kolkata struggled to hold its fort as one of the economic champions of India, it has managed to regain its position as one of the leading regions for lucrative job opportunities in recent times.

The cultural capital of India is distinguished as a major centre for manufacturing industries, publishing, printing, and circulating newspapers, and also for financial and trade activities. With new and emerging commercial hotspots, the city’s economic as well as demographic scenario is shifting remarkably as well.

However, this growth also implies higher rent, security deposit amount, and brokerage costs for inhabitants seeking accommodation. In well-connected regions, rent quantum can be north of Rs.30,000 for 2 BHK unfurnished flats. Rental deposits for the same is somewhere in the vicinity of Rs.60,000 and brokerage costs in the range of Rs.30,000 – Rs.32,000. These figures bring up the total approximate value of up to Rs.1,20,000.

On the other hand, rent for 3 BHK semi-furnished flats in other in-demand regions can be somewhere north of Rs.40,000/month. Alongside rental deposits can range between Rs.80,000 to Rs.1,20,000 and brokerage (for 30 days) can be in the vicinity of Rs.40,000. It thus brings one’s effective cost in the first month for moving into a new apartment in the range of Rs.1.6 lakh to Rs.2 lakh.

This amount, accompanied by other expenses related to relocating, such as furnishing, installation of AC, water purifier, etc. can significantly shoot up the cost.

In more prominent regions, the costs can go up even higher, rendering the process of relocation superficially expensive for migrators.

Hence, in case you are considering relocating to Calcutta for employment purposes, it might be more financially viable to opt for a rental deposit loan instead of draining your savings.

What are the features of a rental deposit loan in Kolkata?

A rental deposit loan is specially designed by financial institutions to aid tenants in relocating to a new city. Its features elucidate the benefits that allow for hassle-free relocation to Kolkata.

High loan amount

A Rental Deposit Loan in Kolkata from financial institutions such as Bajaj Finserv features a quantum of up to Rs.5 lakh. This amount enables you to adequately meet financial obligations required for accommodation such as security deposit, brokerage costs, advance rent, and other adjunct expenses.

No end-usage restriction

A rental deposit loan does not associate any end-usage restriction. You can use the credit to finance multiple financial obligations related to relocation such as packing and moving costs, furnishing the apartment, and other ancillary expenses alongside the essentials, i.e. security deposit, brokerage, etc.

Nominal documentation

You only need to produce a handful of necessary documents along with a rental deposit loan application form, which you can fill online. It primarily includes your KYC documents and any other documented proof which the concerned authority finds necessary.

Flexible repayment tenor

Repayment tenor for rental deposit loans is available for up to 3 years, thus stretching to 36 EMIs. You can choose a tenor that allows you flexibility and suits your income as well as financial standing.

Convenient part-prepayment facility

You can also choose to prepay a part of the loan before the tenor ends, entailing no extra charge. It would effectively reduce either the repayment tenor or EMI of such credit.

Therefore, as you prepare to relocate, consider a rental deposit loan in Kolkata to alleviate your financial worries and seek better accommodation options.

Read More: How Rental Deposit Loans Help House-Owners Maximise Rental Yield

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