Security Deposit
Definition: A security deposit is a refundable amount paid upfront by the tenant to the PG owner as financial protection against damage or unpaid rent.
Detailed Explanation
When moving into a PG, residents are typically required to pay a security deposit equivalent to 1-2 months' rent. This deposit serves as insurance for the PG operator against potential property damage, unpaid dues, or early departure without notice. The deposit is refundable when the resident vacates, subject to deductions for any damages or outstanding payments. It's important to get a receipt and understand the refund terms before paying.
Key Points to Know
- Usually equals 1-2 months of rent
- Refundable upon vacating (minus deductions)
- Always get a written receipt
- Deductions can include damage repair and unpaid bills
- Some PGs offer reduced deposit for longer stays
Related Terms
Frequently Asked Questions
Is the PG security deposit refundable?
Yes, the security deposit is refundable when you leave the PG, provided there is no damage to property and all dues are cleared. Some PGs may deduct cleaning or painting charges.
How much security deposit do PGs charge?
Most PGs in Delhi charge 1-2 months' rent as security deposit. Some premium PGs may charge up to 3 months. At Kangaroo House, we keep deposits reasonable and transparent.
When do I get my deposit back?
Most PGs refund the security deposit within 15-30 days of vacating. It's important to give proper notice and complete the checkout process as per the PG agreement.
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