[ad_1]
NEW DELHI: Many people have lost jobs or seen their wages cut or delayed due to the greedy 19 pandemic, making it difficult for them to meet financial obligations, including rent on housing.
Many of them are now looking for credit options to cover such expenses. In this context, Housing.com, a real estate portal, has launched the ‘Pay Rent’ platform on its mobile application to facilitate credit card rental transfers. The platform will allow users to transfer the rent directly to their landlord’s bank account and instantly generate digital receipts.
Speaking about the facility, Dhruv Agarwala, CEO of the Housing.com, Makaan.com and PropTiger.com group, in a press release, said: “Rent is probably one of the biggest expenses people pay monthly … Housing .com’s ‘Pay Rent’ platform will allow users to maintain their liquidity if necessary for the next few months using their credit cards for rental transfers, as it allows flexibility in payment. “
Housing.com is not the first company to offer such a facility. NoBroker.in, a property listing website without an intermediary, and RentPay, a UK-based fintech rental payment facility Redgirraffe, also have options to pay rent via credit card.
Housing.com currently offers installation only through its app. In addition to credit cards, tenants can also use other modes of digital payments in the app, such as UPI and debit cards to pay the rent.
Do you have to pay the rent with a credit card?
Ideally, if you are a tenant and facing financial problems, the first thing you should do is discuss the situation with the landlord. It would be best if the owner allows payments to be deferred, but in the event that this option is not available, you can use credit cards.
Paying the rent through credit cards can help to overcome the short-term financial crisis, but this relief lasts only a month or 45 days, since it will be required to pay the credit card fees. Interest in credit card fees, even if you are using the EMI service, is considerable.
Remember, interest rates on credit cards can go up to 30% per year. Consider the costs to decide if you really want to go with the option.
