Looking for that perfect place to live in is a strenuous task and a challenge in itself. Having found that perfect place to live as a tenant comes with certain hurdles as well. When hunting for a rental home to live in metro cities like Chennai, Mumbai, Delhi, etc., the very thing that crosses the owner’s mind would be whether you’d be able to pay the rent or not. This is for the apparent fact that the rents are on the higher side. So, if you are to finalize the deal with any of the flat promoters in Chennai, you might be requested for a guarantor who’d sign the lease with you.
What is a guarantor?
In case you’re not able to pay the rent (considering it is too high and you aren’t financially stable at a particular point in time), your guarantor will pay the rent on your behalf. A guarantor is someone who guarantees to be legally responsible for paying the rent on your behalf, as stated in the lease agreement. This is the case only when you are not able to pay the rent for some valid reasons. In simplest terms, a guarantor guarantees the rent.
It is often seen that the guarantor covers only the rent portion. The guarantor doesn’t usually cover bills that are associated with the apartment.
A guarantor will sign the lease agreement along with the tenant. In this way, the landlord is assured of the rental payments.
When is a guarantor needed?
Though not all circumstances demand a guarantor, there are some cases where having one becomes critical. Sometimes, the landlord might ask for the same even if everything is in place, just for that extra assurance. However, if a rental place in Chennai is your objective, there are some instances when both landlord and flat promoters in Chennai might suggest you go for a guarantor. They are-
- You do not have a stable income
- Your employment history isn’t consistent
- You have a bad credit score
- Poor rental history
- If your credit report highlights bankruptcy, etc.
On that note, guarantors must have superior credentials, a good credit score, stable income, etc.
How to find the right guarantor?
This is not at all easy for the obvious reason that you have to ask someone else to pay on your behalf when things aren’t smooth.
- The best and safest of all is to ask your parents to take up a guarantor’s role. Yes, it does sound awkward, and no one would want to be a burden for their parents, but there’s possibly a no better option than this. Your parents know you in and out and can support you when your situation isn’t promising enough to get the rent paid.
- The next best alternative is to look for close friends and relatives whom you can rely on. Extra care needs to be taken here because this might light to ruining relationships as well. But, if you’re blessed with some really good people who can lend a helping hand, you’re sorted for life!
- If you do not wish to go for the above options, you can consider guarantor services as well. The only disadvantage of this is that you’ll have to pay some fees.
No matter which option you choose, ultimately, what matters is that your guarantor should be understanding in nature, trustworthy and reliable. This is what even the best flat promoters in Chennai would suggest to you. And on the financial front, the guarantor must be capable enough of paying rent on your behalf. Someone with a low credit score and unstable income wouldn’t be able to do so.
Now that you know everything about a guarantor, think wisely before sealing the deal in case of those beautiful apartments in Anna Nagar and the stunning apartments for sale in Ayapakkam offered by the best flat promoters in Chennai.
