Users will get up to 4 per cent in rewards points and cash-back on their Credit Card for using their credit limit to transfer rent.
Housing.com has launched the ‘Pay Rent’ platform on its mobile app to facilitate rent transfers using a Credit Card. The ‘Pay Rent’ platform will allow users to transfer rent directly to their landlord’s bank account and generate digital receipts instantly. Along with this, users will get up to 4 per cent in rewards points and cash-back on their Credit Card for using their credit limit to transfer rent.
After downloading the App, the tenant has to enter the landlord name, bank account number, IFSC code while the land lord’s PAN can be optionally provided.
The ‘Pay Rent’ product has already facilitated over 5,000+ transactions so far through restricted invites, most of them through a Credit Card, and is targeting around 300K transactions by the end of FY21.
It should be noted that credit card usage and timely repayment will also improve the credit score of the user, thereby helping get credit limit enhancement. “Rent is probably one of the biggest expenses borne by individuals on a monthly basis. The COVID-19 pandemic has made people want to keep cash in hand due to economic uncertainty in the near future. Housing.com’s ‘Pay Rent’ platform will allow users to maintain their liquidity if needed over the next couple of months by using their credit cards for rent transfers as it allows flexibility in repayment,” says Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & PropTiger.com.
Through this platform, users will be able to make timely rent payments without using cash, and they can also opt for EMI moratorium on their credit card for a few months to tide them over any liquidity crisis in the current environment. The rent transfer facility will be available for all modes of digital payments including UPI and debit card, for people who do not need the credit. The product is currently ‘app-only’ and will be launched on Housing.com’s website in the near future.