you can enter into leave and licence agreement with nominal licence fee and security deposit of Rs 5 lakhs .
Rental lease
i want to take a flat paying 5lacs one time advance i will not be paying rent insted the rent is adjusted from the interest of the advance amount is there any method to execute agreement i will vacate when the advance amount is returned pl answer Thinakarasundaram
Asked 10 years ago in Property Law
5 Answers
1. If it is a tenancy agreement, the rent is not specified clearly,
2. The interest on Rs.5 lakhs advance will not be the same always,
3. There sould be some rent to be mentioned in the agreement,
4. Other clauses like notice period also shall have to be mentioned therein.
1/ All such agreements permissible under law is possible if both the parties so agree.
2. In your proposal there is nothing illegality. So if the landlord agrees , you can proceed with this.
3. However such terms are to be properly mentioned in the agreement to be so executed along with other terms as mutually agreed between two of you.
It can be done legally.
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