Dear Sir,
We have rented out our apartment in a reputed appartment complex society in Greater Noida to a retired 60 year old man in 2010. the rent agreement that we made was for 11 months each time with a gap of few months occasionaly in between.
The tenant initally told us that he wants to live in our house for 2 years. Then he requested us for 1 year extensions 3 times due to various reasons (which we were happy to give) - he had a heart attack, he finds this house to be lucky, shifting is a hassel etc. He is separated from his wife and children. He lives alone with a servant boy. He is a very good tenant who transfers our rent on time to my bank account every month and keeps our house in good condition. So we also were happy to let him live in our house. Moreover, as stated in the rent agreement, he has been giving us a 10% hike in the rent every year. so now the rent that he is giving us is a bit more than the average rent in the area (as property and rent prices have gone down).
My wife and I are working middle class people and have taken a home loan for this house. if this tenant leaves, we will have to do full woodwork and paint this house for which we do not have money. Also, we are afraid that if the new tenant does not pay rent on time, we will really struggle to pay the EMI as my salary has gone down a lot.
Someone told us that if a tenant stays in a house for 5 years, then they can claim ownership of the house? Is this true? If not for how many years can i safely rent out this house to this man?? Please advice.
