Payments and Refund Policy
Effective Date: 08 April 2024
Introduction
At Colife, we value transparency and clarity in our policies to ensure a seamless experience for all our clients. Our Payments, Receipts, and Policies are designed to outline the terms and conditions regarding rental payments, deposits, refunds, and contract extensions. It is imperative for our clients to understand and adhere to these policies to facilitate a harmonious relationship between the licensee and the Company.
Rental Receipts
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The Company shall dispatch rental receipts to the registered email at the advance of each new month. Rental payments are due by the 5th of the same month to avoid late fee charges. Payments must be made via a designated account number unique to each licensee or through debit/credit card. Processing of payments is subject to the terms, conditions, and privacy policies of the Payment Gateway. The licensee agrees to make payments using the selected Payment Method. NEFT/UPI transactions are exempt from payment gateway charges when conducted via the virtual account number/ID provided. However, if payment is processed through a payment gateway, applicable charges will be the responsibility of the tenant
Security Deposit Policy
As part of the rental agreement, the licensee must submit a security deposit equal to two months' rent.
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A booking/token amount, a portion of the deposit, is required upon booking
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The specific amount of the security deposit will be outlined in the subscription agreement and can be remitted online and/or via cheque.
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Should the licensee opt to transfer internally or upgrade their occupancy type/booking, any variance in the security deposit must be settled before the transfer or upgrade takes place. If the new rent is lower, the discrepancy in the security deposit is offset against the subsequent month’s rent.
Booking Amount Refund
The booking amount paid is non-refundable if cancelled, and all refunds shall be in accordance with the Company's refund policy.
Refunds on Move-out:
The security deposit will be returned, minus Property Management Fees and any damages to the premises, following the guidelines in the subscription agreement, within 15 bank working days from the move-out date.
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If the licensee terminates the subscription during the lock-in period, the Colife. reserves the right to withhold one month’s rent, termed as “Contract breakage charges,” from the security deposit.
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Should the licensee terminate the subscription after the lock-in period without providing 30 days' notice to the Colife., one month's rent, referred to as “Notice Period charges,” will be imposed on the licensee and deducted from the deposit upon move-out.
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Unpaid rent, utility bills, or late fees will also be deducted from the security deposit at the time of move-out.
Move-out
The tenant must notify Colife, at least 30 days before intending to move out via the Company’s application, website and/or email to support@colife.co.in.
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If the move-out date is after the 1st of the successive month, the tenat is required to pay the pro-rated month's rent as raised in the Invoice.
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The Deposit will be refunded to the licensee within 15 bank working days from the End Date after deducting unpaid charges/damages, if any. Refunds will be made only via online transfer.
Mode of Refund
The security deposit will be refunded via online transfer to the registered bank account of the tenant as per the Company’s records.
If you have any questions or concerns about this Privacy Policy, please contact us at info@colife.co.in