There is this difference between lease and rent, you must know this thing.

Difference Between Lease And Rent: Should you take a house on lease or on rent? What are the advantages of both and what is the difference between the two? Let us tell you the whole news.

When a house or property is taken on rent. Then two options are available. One is rent and the other is lease. You can select any one of these options. But many people do not know what is the difference between these two.

Many people also do not know whether a house on rent is better for them or on lease. Let us tell you whether a house on lease will be right for you or on rent. What is the difference between a lease and rent?

The rent agreement is for 11 months. You cannot get it made for more or less than 11 months. After its period is over, that is, you have to renew it again after 11 months.

If we talk about lease, then you can get a lease agreement made for years. If we talk about this, then you can get a lease agreement made for a maximum of 99 years. After this, you have to extend it further.

If the lease ends, then the house goes back to the landlord. Apart from this, if the lease agreement is not registered within 12 months, then it is not valid. But the landlord remains the owner of the property given on rent.

Even if the rent agreement is not registered, it is still valid. Apart from this, the landlord can change the terms of the rent agreement whenever he wants. Apart from this, there is also an option to buy the property taken on lease.

The money you have paid for the lease. Apart from that, the rate of the property. After paying the remaining money, you can buy that property. But you do not get this option on rent.