As one of the most expensive metropolises to live in, the security deposit for an apartment or commercial space could equal nine to 10 months' rent; some landlords also ask for the entire year's rent in advance.
Online portals are changing the way the rental real estate market operates by helping customers procure loans for security deposit and relocation, and also facilitate paying of rent using credit and debit cards.
As one of the most expensive metropolises to live in, the security deposit for an apartment or commercial space could equal nine to 10 months' rent; some landlords also ask for the entire year's rent in advance. Many find this difficult to arrange, and portals help procure loans.
"A tenant's biggest worry is arranging a security deposit," says Sudhir Pai, CEO of MagicBricks.com, "In Pune or Chennai, this could amount to five to six months' rent. MagicBricks has a strategic tie-up with (digital lending company) CASHe for short-term loans up to Rs 2 lakh, which can be paid back in six EMIs." The portal is also looking to tie up with other financial institutions for similar loans.
NoBroker.com helps users secure personal loans to buy essentials.
"We are in partnership with major non-banking financial companies (NBFCs)," said co-founder Saurabh Garg. "NoBroker also helps with personal loans for personal needs such as furniture purchase and relocation cost, etc."
Some portals have features that allow online payment of rent using credit or debit cards, UPI wallet and Netbanking. "All they have to do is to add the landlord's bank account details, along with their own credit card/account details on NoBroker Pay. They can even then set a date for rent payment and the amount will be credited to the landlord's account via the auto-debit feature," said Garg.
Many portals also have features to protect the identity of users. "The Chat function allows users to interact directly with advertisers, without sharing their mobile number," said Pai.
OPINION
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| Innovation is the need of the hour |
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There's a lot of pressure on a person looking to rent, and if help is facilitated by portals, it's a good move. Repayment through instalments alleviates the burden too. Customers will move towards whoever provides better service — brokers or portals. Offline brokers offer convenience and service, while portals lure with offers. But even little help adds value to overall service.
—Dr Sanjay Chaturvedi, Housing Expert
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