i have some flats in chennai. while renting out flats,is it ok for us to ask for the salary slips and employment letter of prospective tenants, like we do here in US..just to check for the creditbility of the tenant.. also, what other things do you usually check and go through to ensure we get a hassle free tenant... also, is it a true fact that , it is easy to rent out 2 bedroom flats that 3 or 4 large bedroom flats.i am considering investing on some flats, not sure ,which one should go for -- 2 or 3+ bedroom flats
Hi there I don't think any tenant would want to show their salary slips or employment letter in India. What I do is ask them to show their ID card (all cos now provide ID cards) and give me a photocopy as well. If your tenant is credible, he/she should have no qualms about that. Also, get a photocopy of some document showing their permanent address (e.g., first and last pages of passport). To get a hassle-free tenant, if your property is located near a school, that's great. You could check out for families that have child(ren) studying there. Most families would not want to shift their residences unnecessarily once the kid is settled in the school. Alternatively, try company lease. Your rent is assured, though do keep in mind of TDS when negotiating rent. 2BR and more cater to different segments. 2BR usually is opted by very young families - a nuclear family with kids up to 5 or 6. If the kids are older or there are more family members (elderly ppl, brothers/sisters), definitely 3BR or 4 BR would be preferred.
