Eqaro Join Hands With YourOwnROOM To Offer Rental Bonds

Eqaro Guarantees, a financial institution providing surety solutions in India, partnered with YourOwnROOM, a Bengaluru-based start-up, a residential real estate prop-tech rental and property management company.

Under the arrangement, Eqaro Guarantees will issue rental bonds on behalf of the 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 & YourOwnROOM aims to make available zero deposit rooms to the entire tenant community including families, working professionals and singles.

Pankaj Bhansali, COO & CBO, Eqaro Guarantees said, “This alliance will make aspirational housing accessible to prospective tenants without the need for security deposit. Rental Bonds are superior to the 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.

Traditionally, landlords have been reluctant to let out their property to singles and working professionals for various reasons which include trust deficit, concerns over the tenants 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 deposits.

The customised offering is extremely wide in its coverage which includes covers for unpaid rent, lock-in period up to 11 months, damages to the property, utility bills payment, move-out charges, and breach of notice period. YourOwnROOM are a trusted custodian of residential assets for homeowners and offer multiyear rental & property management services to landlords. It 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.

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. Our ready-to-move-in rooms and houses reduce the cost of moving into a new accommodation to nearly zero.”