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
No, because Amazon works with NBFC which will screw your credit score. Also, Amazon and your credit card pay for the subvention charges that is recovered from the manufacturer. Who will pay you? How will you subvene charges for the end user?
Also, do you know why rent payments through credit card have plummeted? Read about the RBI notice and how it views platforms like yourself. No regulated entity will want to touch you with ten foot pole
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..
Great idea Let me know when you start it I will divide all my family members into pairs of two. You will pay the landlords upfront. And all my tenants will default. Since you are not an NBFC, there won't be an impact on their credit score
Not really, do you default when you pay in 3 your apple iphone through amazon? We have our collection partner :)
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