Housing.com joins fintech company Niro to offer the option of paying rent on credit
Proptech firm Housing.com has linked up with fintech startup Niro to offer customers the option to pay their rent on credit.
Housing.com, which is part of Australian firm REA, has started this credit solution — Rent Now Pay Later (RNPL) service, in partnership with Bengaluru-based Niro.
”Now rent can be paid on Housing.com by users with a zero convenience fee, an interest-free credit period of up to 40 days, as well as an option to convert rent payments into easy monthly installments (EMIs),” the company said in a statement.
Housing.com had previously started offering customers the option to pay rent by credit card.
”However, given that only 4 percent of Indians have credit cards, the Rent Now Pay Later service gives users who don’t have a card significant flexibility in their financial planning – allowing them to pay rent without cost and free up a significant portion of their disposable income income for other items, it says.
The new service also gives users the option to upgrade their credit limit to be able to withdraw cash for a variety of use cases, taking advantage of instant low-interest loans.
Housing.com and Niro have already extended these offers to almost 100,000 users. The first rental payment involves zero convenience or service charge and users can choose to upgrade their credit limit up to Rs 3 lakhs.
Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com & Makaan.com, said this solution will bring real empowerment to millions of customers who want to rent properties on credit but are often hampered by the lack of traditional instruments.
”The trend of Buy Now Pay Later (BNPL) services has grown globally, with companies such as Klarna, Afterpay and Affirm leading the way.
”These services give consumers the opportunity to make purchases without having to pay up front, so they can pay in installments over time. The BNPL model has proven successful in various industries, from fashion to home goods, and now Housing.com is pioneering its use in the real estate sector in India, Agarwala said.
Founded in 2012 and acquired by REA India in 2017, Housing.com is one of the leading full stack proptech platforms for home owners/home seekers, landlords, developers and real estate agents.
It offers listings for new homes, resale homes, rentals, plots, commercial spaces and co-living spaces in India.
(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)
