Rental Advance or Security Deposit will be anywhere between 6 – 10 months of monthly rent payable at the time of signing the rental agreement. This interest free amount is refunded after the tenancy tenure, after deducting for any necessary damage/repairs on behalf of the tenant’s use apart fom regular wear n tear of the property.
The Rental agreement is for a period of 11 months contract, and it is usually renewable every 11 months, with a prior notice period of 2 months by either party (landlord or tenant), before the period of tenancy is up.
Usually, the monthly rent is increased by 5% every year after the first year.
Some landlords and contracts stipulate a minimum lease period of 2-3 years for expats and coporate MNCs.
There may be a penalty clause for foreclosure of tenancy if more appliances or furniture (apart from the offered funiture and appliances) is required from the tenant’s end.