Housing.com ties up with fintech firm Niro to offer facility to pay rent on credit

New Delhi: Proptech firm Housing.com has tied up with fintech startup Niro to offer customers the facility to pay rent on credit.

Housing.com, which is part of Australian firm REA, has started this credit solution -- Rent Now Pay Later (RNPL) service, in partnership with Bengaluru-based Niro.

"Now, rent can be paid on Housing.com by users with a zero-convenience fee, an interest-free credit period of up to 40 days, as well as an option to convert rent payments into easy monthly instalments (EMIs)," the company said in a statement.

Housing.com had earlier started offering customers the facility to pay rent using credit cards.

"However, given that only 4 per cent of Indians have credit cards, the Rent Now Pay Later service affords non-carded users a significant flexibility in their financial planning - allowing them to pay their rent at zero cost and freeing up a significant portion of their disposable income for other items," it said.

The new service further provides users with the option to upgrade their credit limit to be able to draw down cash for a variety of use cases, taking advantage of instant, low-interest rate loans.

Housing.com and Niro have already extended these offers to nearly 100,000 users. The first rental payment involves zero convenience or service fee, and users can choose to upgrade their credit limit up to Rs 3 lakhs.

Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com & Makaan.com, said this solution will bring genuine empowerment to millions of customers who desire to rent properties using credit but are often hindered by the lack of traditional instruments.

"The trend of Buy Now Pay Later (BNPL) services has been growing globally, with companies such as Klarna, Afterpay, and Affirm leading the way.

"These services provide consumers with the ability to make purchases without having to pay upfront, allowing them to pay in instalments over time. The BNPL model has proven to be successful in various industries, from fashion to home goods, and now Housing.com is pioneering its use in the real estate sector in India," Agarwala said.

Founded in 2012 and acquired by REA India in 2017, Housing.com is one of the leading full-stack proptech platforms for homeowners/home seekers, landlords, developers, and real estate brokers.

It offers listings for new homes, resale homes, rentals, plots, commercial spaces and co-living spaces in India.