AgenciesEqaro Guarantees, a financial institution providing surety solutions in India, has entered into a partnership with YourOwnROOM, a residential real estate prop-tech rental and property management company.
Under the arrangement, Eqaro Guarantees will issue rental bonds on behalf of start-up YourOwnROOM’s tenants at a nominal fee to the landlord. This will enable the tenants to move into rented apartments without any security deposit.
This alliance between Eqaro and YourOwnROOM aims to make available zero deposit rooms to the entire tenant community including families, working professionals, and singles, the company said in a release.
Traditionally, landlords have been reluctant to let out their property to singles and working professionals for various reasons, including trust deficit, concerns over the tenant’s conduct, and upkeep of the property. The partnership is intended to address such issues and help facilitate the availability of preferred accommodation without any security deposit, the release added.
The customized offering is extremely wide in its coverage, including cover for unpaid rent, lock-in period up to 11 months, damages to the property, utility bill payment, move-out charges, and breach of the notice period.
YourOwnROOM offers multi-year rental and property management services to landlords. It signs a 3-5-year pact with property owners to manage their property and rentals. Eqaro Guarantees will provide landlords with credit verified and assessed tenants backed by an institutional guarantee.
Under the arrangement, Eqaro Guarantees will issue rental bonds on behalf of start-up YourOwnROOM’s tenants at a nominal fee to the landlord. This will enable the tenants to move into rented apartments without any security deposit.
This alliance between Eqaro and YourOwnROOM aims to make available zero deposit rooms to the entire tenant community including families, working professionals, and singles, the company said in a release.
Traditionally, landlords have been reluctant to let out their property to singles and working professionals for various reasons, including trust deficit, concerns over the tenant’s conduct, and upkeep of the property. The partnership is intended to address such issues and help facilitate the availability of preferred accommodation without any security deposit, the release added.
The customized offering is extremely wide in its coverage, including cover for unpaid rent, lock-in period up to 11 months, damages to the property, utility bill payment, move-out charges, and breach of the notice period.
YourOwnROOM offers multi-year rental and property management services to landlords. It signs a 3-5-year pact with property owners to manage their property and rentals. Eqaro Guarantees will provide landlords with credit verified and assessed tenants backed by an institutional guarantee.
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