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Things to Look for Before Renting a Place in Mumbai

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● Find a locality that provides easy access to amenities
● Check for ease of commute and water supply patterns
● Inquire about the rent and read the lease agreement well
● Pay advances with a rental deposit loan from Bajaj Finserv

Mumbai, the capital of Maharashtra, is considered to be the commercial, entertainment, and financial capital of the country. The city is also home to some of the top educational institutes in India like the University of Mumbai and IIT. All these facets make the city one of the most sought-after places to live in, especially for those after better career prospects. Further, since the place has witnessed a fair deal of real estate development, you can find houses for rent in Mumbai according to your budget.

However, before you do strike a deal, here are 5 factors that you should look into as you scout for a rental home in Mumbai.

Commute

Mumbai’s traffic is among the worst in the world and you’d want to avoid this at all costs. Some rush-hour routes take over 65% more time to traverse and traffic jams deprive you of quality downtime that you can enjoy at home. However, traffic density isn’t the same in every locality. So when you’re looking for a rental home in Mumbai, it’s vital that you chalk out routes that you will frequent to estimate how long it will take you to commute. Pay house security deposit with a rental deposit loan from Bajaj Finserv
 
Water supply

Certain parts of Mumbai do not receive a regular supply of water and low reserves have led to the BMC reducing the quantum of water provided in the past. So, as you search for a rental home in Mumbai, look into the water supply timings, its source, and availability. Also, check if your property has any backup provisions in place to deal with shortages. Apart from asking your landlord about these issues, it is also recommended to talk to the neighbors and local residents to gain valuable first-hand insights.

Locality

While looking for houses for rent in Mumbai, it’s best to consider a few localities. To start off, you’d have to look for one that provides easy access to your office, medical institutions, malls, schools, and other civic and social amenities that you access frequently. You can then refine your search as per your preferences. For instance, if you wish to stay away from the humdrum of everyday Mumbai, you could consider a quiet apartment next to Silver Beach or Marine Drive.

Lease agreement

Going through the agreement thoroughly is non-negotiable as you want to ensure that your interests are protected. For instance, find out if your landlord has any particular guest policy and/or clauses pertaining to repairs and maintenance. Similarly, find out how frequently rental rates are changed as this affects the affordability of the place. Also, pay close attention to the terms related to the security deposit. Remember that the journey of identifying houses for rent in Mumbai isn’t over till you’ve read every last detail of the agreement.

Prices and charges

There is a huge demand for houses in Mumbai and so, real estate prices tend to sky-rocket, especially in certain localities. For instance, as you search for a 1 BHK flat for rent in Mumbai, you may notice that apartments in Jankalyan Nagar cost around Rs.20,000 whereas the same in Marol cost around Rs.40,000 per month. Finding a house for rent in Mumbai is therefore about striking a balance between your preferences and your budget. Moreover, the advance you need to pay as a deposit is usually a few months’ worths of rent; and the higher the rent, the larger the deposit will be.

To make it easy for you to service your rent deposit in Mumbai, you can opt for a rental deposit loan by Bajaj Finserv. The NBFC offers a loan of up to Rs.5 lakh for a tenor extending up to 36 months along with a host of value-added services. These include debit/credit card protection, a financial fitness report, and customized insurance schemes. You can also fund other relocation expenses in Mumbai on the go by withdrawing amounts from your sanction periodically through the Flexi Hybrid facility. Here, interest is charged only on the withdrawn amount. Also, you have the option to reduce your EMIs by opting for interest-only EMI payments during the tenor. You can also make free part-prepayments with this facility to bring down your net outgo.

To avail of financing instantly through a single-step verification process, make sure to check your pre-approved offer via Bajaj Finserv. Doing so gives you instant approval through a tailored deal so that you can rent a property of your choice quickly.

Must Read: Best Financial Solution For A Security Deposit

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