What’s The Deposit & Refund Policy At Staylogy?
Our deposit and refund policies are super swift and transparent. Do you wish to associate with us, here’s all that you need to know:
DEPOSIT PAYMENT TERMS
- Tenants need to pay two-month rent as security deposit.
- Tenants are required to pay a part of the security deposit, referred as the token deposit, at the time of booking.
- The security deposit paid is mentioned in the rental agreement.
- Security / token deposit can be paid online.
- In the case where a tenant chooses to make an internal transfer or upgrade their current booking type, the difference in the amount of security deposit will be expected to be paid by the tenant before making the actual transfer. In case the new rent is lower, the difference in security deposit is adjusted against the following month’s rent.
REFUND ON CANCELLATION
CANCELLATION BEFORE SUBLEASE START DATE
- If the tenant cancels before the sub-lease start date, the token deposit will not be refunded.
- If Staylogy cancels before sub-lease start date, the token deposit will be entirely refunded.
REFUND ON MOVE-OUT
- The security deposit shall be refunded, after deduction if any as per Staylogy’s policies, within 15 bank working days from the day of move-out.
- In case the sub-lease is terminated by the Sub-Lessee within the lock-in period, the Sub-Lessor shall be entitled to deduct one month’s rent which shall be deducted from the security deposit at the time of moving out.
- If the Sub-Lessee terminates the sub-lease during the lock-in period/ after the expiry of the lock-in period without prior intimation of one month to the Sub-Lessor, rent of one month shall be levied on the Sub- Lessee which shall be deducted from the deposit at the time of moving out.
- In case the sub-lessee terminates the sub-lease within the lock-in period and without one month’s notice to the Sub-Lessor, both the Contract termination and notice period charges shall be levied on the Sub- Lessee as a penalty and the same shall be recovered from the security deposit.
- Any unpaid rent or utility payments will be deducted from the security deposit.
- A charge (as per the contract) will be deducted towards property maintenance charges on opting to move out. This is a fixed charge which every tenant bears upon their exit.
- Tenants have to pay for damages, on actuals, in case there’s some damage to the property or its belongings.
- All refunds shall be processed via online transfer.
- If the booking is made online, it shall take up to 15 bank working days to process the refund.