Magicbricks companions Razorpay, HDFC Bank to assist customers pay lease through bank card

Property portal Magicbricks has tied up with Razorpay and HDFC Bank to permit customers of its platform pay lease on-line by way of bank cards. An individual can earn reward factors by paying lease, which is usually one of many greatest month-to-month bills of an individual, by way of bank card. Besides, the person will get interest-free credit score for 45 days when the lease is paid by way of bank card. “The month-to-month lease is a large chunk of the month-to-month expense of any family. In at the moment’s difficult financial atmosphere, tenants are searching for trusted, versatile, and rewarding methods for some of the essential month-to-month expenditures. We have partnered with Razorpay and HDFC to supply a secured pay lease function that addresses all of the considerations for tenants,” said Sudhir Pai, CEO, Magicbricks. The deferment of a large spend which has a credit period of around 45 days also translates into a month’s interest of approximately 1%, he added. While the current estimated market size of paying rent through credit card is around ₹3,000 crore, the real size of the market is considerably larger. There are 10 million rental residential units in India. Of these, almost 75% are in the ₹35,000 per month and less rent bracket. Within this segment, almost 50% of the properties are in the range of ₹10,000- ₹20,000 per month, Pai said. “Cities with numerous premium and luxurious properties like Mumbai, New Delhi and Gurgaon even have a lot greater than nationwide common share of rental properties each within the premium and the posh phase. The lease for premium properties is within the vary of Rs.35,000-Rs.50,000per month and luxurious Rs.50,000 per thirty days. So, this presents us an enormous untapped marketplace for our lease pay resolution with a bank card,” added Pai. Once the transaction is accomplished, it is going to take round 4 days for the lease to be credited to the owner’s account. After this, a lease receipt will probably be issued to the tenant. There are different on-line property portals resembling Nobroker, Housing.com which additionally supply this service on their platforms. Paying lease by way of bank cards will help tide over short-term monetary crunch, however the curiosity on bank card dues, even when availing the EMI facility, is substantial. Remember, rates of interest on bank cards can go as much as 30% every year. Weigh the prices and determine for those who actually wish to go for the choice. Subscribe to Mint Newsletters * Enter a sound electronic mail * Thank you for subscribing to our publication.