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Real estate portal Housing.com has introduced a new online rental agreement service that allows users to create a rental agreement online and get the physical copy delivered to their homes.

How it works: Users can create a rental agreement by providing requisite information like landlord and tenant names, their permanent addresses and property details including address, property type, size of the property, payable rent and security deposit among others. There is also an option for including additional clauses like lock-in period, parking furnishings & repairs among others.

Following this, Housing mentions that it does all the paperwork on behalf of the user, including paying the stamp duty and deliver a physical copy within 48 hours. The company charges a flat Rs 75 for the service besides the stamp duty costs and service tax, which users can pay at the time of delivery.

Rental Agreement

Our Take

This is likely to be a huge relief for tenants, who don’t want to waste time on paperwork but still require a level of accountability while signing a rental agreement. Over the past 6 years, I’ve changed houses about 5 times and I’ve had to either pay the real estate broker extra money to draw up the rental agreement or depend on the landlord on four of these occasion. The last time I went to the property registration office in Vasanthnagar, Bangalore to get the e-stamp paper and had to wait for about 6 hours. Hopefully, Housing.com will extend this service across all major cities in India soon.

Earlier developments

– Earlier this month, Housing.com had launched a Home Loans product in partnership with six financial institutions – CitiBank, Axis Bank, L&T Finance, DHFL, PNB Housing Finance and Bajaj Finserv – that provides buyers looking for home loans with customized solutions to finance their purchase. A set of bank policies and terms have also been integrated into the product to give buyers an accurate rate of interest.

– Housing.com had also raised Rs 115 crore in funding from Helion Venture Partners, Quancomm Ventures and Nexus Venture Partners, in June this year. At the time, the company had said it would utilize the investment to expand its new projects section, extend its technology to new platforms and for branding and marketing activities.