Context: We tenants(22-25yo) move to a new city for work, pay high taxes, gets screwed by the landlords, have to pay upfront costs without the 1st salary and have to often resort to personal loans at high interest rates/ask your parents etc.
We have also go through interviews multiple times and sadly there's no digital trail of if you were a on-time rent paying good tenant. Its always start from scratch wrt convincing landlords whenever you move to a new place in high demand areas.
To summarise: I am building a financial platform to solve the following problems:
Thoughts? Ik it may look like "another" loan app but we want to help tenants throughout their lifecycle. There's no demarcation of tenants vs other tax paying middle class segment who stay and work from their own homes.
How would you onboard landlords & tenants who deal in cash for rent payments?
They would never use any platform which leaves a trail of their exchange.
Very good question. Yes it'll be a challenge, but for now we're focusing on tenants who pay their rent through credit card/UPI etc. Eventually just like when insurance used to be all non-digital, now you can claim/take insurance seamlessly digitally, we would attempt to do the same for rents. We are in talks with Digital India SPOCs - also it'll reduce fraud around HRA claims etc
People opt for digital payment for insurance because then they can claim deductions in their income tax.
Landlords opt for cash payment for rental income, to avoid income tax.
The scenarios are very different.
In my opinion, onboarding tenants will not be an issue, but onboarding landlords will be herculean task!
Even if we go by this, people will just see the tenant and landlords on your platform and contact offline.
Brokers will be hurdles, as they never let tenant and landlords be on your platform
Home loan is 250x timee your monthly rent and how can you give loan on only this data at cheaper price and making sure of no default
It'll not the sole data point but there will be many other adjacent alternative data along with traditional ones. But it'll not be collected at one shot during onboarding like other loan apps.
Cred has a rent payment option, it seems to be standing somewhere in Cred Spectrum
Nice idea. You can make a cibil score version for tenants. They can use this to prove how good of a tenant they were when they are shifting houses again. On time rent paid, house kept down etc..
All that's okay... But where will you get the money from? How will you stop yourself from people gaming your system?
These are the only questions that matter.
How about partnership with banks for lending and only acting as an agent that connects the two parties - bank, potential home-buying tenant. Facilitate on commission. Even today intermediate agents sell home loans to customer on commission from banks. With this you get commission from both parties, at scale, assuming you facilitate a tenant through renting to home buying journey with tenancy ratings, credit rating etc. eventually bringing trust and discount rates on home loans.
Bro, I don't know what is the overall sentiment of this, here. But having seen many other posts and usual sentiments of people, i would say, don't give a fuck. Just go ahead and start executing like it's your last day on earth.
No need to take validation from random strangers. This is a solid problem and you, I, everyone has faced this. Don't pay a heed to anyone, just do it man
Thanks a lot man! I understand but I have been looking for unique criticisms and feedback and thoughts - something I do with all the products I've built till date. Not an issue. Thanks for the motivation too 🙏🏻
Hi guys, here is the idea, lets say person A would like to buy a house and he doesn't have down payment and also might be getting loan at a higher interest rate. We will come into picture buy the house for him and rent him for next 3 yea...
Bura mat maanana but wont work. You are basically becoming a makaan maalik on investment money or an NBFC for real es...
tinder for flat and flatmates, owner put out houses, if you both like each other's profiles then you meet and finalize the house.
If I was a flat owner, I wouldn’t care what other person looks like OR has an aura OR blah blah blah until he signs t...
@samosa Sunday evening me tumko ideas ke uphaan mar rahe hai lag raba
Success rate < 10%
currently there are following options if someone needs to find a flat in a city:
From my ...
