5 Points For NRIs Renting Out Property In India
1. Take All Basic Details From Tenants â—? When you give advertisements in newspapers, magazines and other places for rental rooms, a lot of people get in touch with you and take your room on monthly rent. â—? you should ask for the basic details of your tenants, such as his/her proof of identification, residence, active contact numbers, their native state/place, workplace, etc.
2. Sign A Room Rent Agreement â—? When you rent your house/apartments/rooms to tenants, you should sign a rental agreement with them. It is actually a legally binding agreement which clarifies the duties, responsibilities, and expectations of landlords and tenants as per the applicable law. â—? If you face problems to prepare a room rent agreement with your tenant as per the applicable Indian law, you can seek assistance from real estate lawyers without any hassle.
3. Police verification â—? You must ask for security deposits and one- month advance payment from your tenants. â—? It will keep you aloof from any kind of financial loss if tenants leave your house/room all of a sudden without paying the rent in a particular month.
4.Ask For Security Deposits And One Month Advance Payment â—? To increase the chances of having your claim approved, you need to fill the forms and attach the supportive documents. â—? In some cases, you have to meet the deadlines. If you are accompanied by a lawyer, there is a high chance that your claim will be approved easily and smoothly.
5. Pay The Tax On The Right Time â—? NRI can collect the rental amount in NRE or NRO account. If you don't have an NRE or NRO account, you can get it remitted to the country you are currently living in. â—? Need to pay the due taxes and get an appropriate certificate from a chartered accountant certifying that all taxes have been paid off.
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