Eqaro Guarantees, a financial institution providing surety solutions in India, has today announced a partnership with YourOwnROOM, a Bengaluru-based startup, a residential real estate prop-tech rental and property management company.
Under the arrangement, Eqaro Guarantees will issue rental bonds on behalf of 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 initiative between Eqaro and YourOwnROOM aims to make available zero deposit rooms to the entire tenant community including families, working professionals, and singles. 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 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 signs a 3-5 year MoU with property owners to manage their property and rentals. The proposition benefits the landlords as well. Eqaro Guarantees will provide landlords with credit verified and assessed tenants backed by an institutional guarantee, it said in a statement.
Pankaj Bhansali, COO & CBO, Eqaro Guarantees said, “This alliance will make aspirational housing accessible to prospective tenants without the need for security deposits. Rental Bonds are superior to traditional cash security deposits and provide the landlords with credit verified and assessed tenants. For the first time in India, the tenants will now have the opportunity of carrying forward the benefits of a good tenancy track record to their subsequent tenancies.
Sachin Joshi, CRO & CTO, YourOwnROOM said, “Eqaro's partnership perfectly aligns with our objective of making Residential Real Estate transactions more-safer and trustworthy."
Prabhat Kumar Tiwary, CEO, YourOwnROOM said, “Our key aim is to optimize the currently available real estate inventory and deliver an experience and value to the tenants. We aim to deliver ready-to-move-in rooms for singles with zero deposits and no hassles.”
Eqaro Guarantees offers financial security in the form of guarantee and surety to project owners, supplier principals, and brand owners alike, protecting them from financial exposure to their contractors, clients, dealers, or franchisees.
YourOwnROOM is a residential real estate prop-tech rental and property management company incorporated in Feb 2016. The Prop-tech platform enables onboarding and management of residential assets in multiple formats including co-living homes, alternate assets, and family homes.