The traditional process of getting your rent agreement, through your landlord, real estate agent, or a service provider, can be quite cumbersome. This involves taking printed copies of the rental agreement and thereafter, a manual signing process in everyone’s physical presence. Times have changed and going ahead, you will no longer need to resort to conventional practices to get your rental agreement. Housing.com has launched a fully digital and contactless way to draft and sign a rent agreement. This method has already garnered over 10,000 happy users, in no time.
How does online rental agreement work?
All you need to do is fill in the details online and make the payment. You can digitally sign the agreement at your convenience and get an e-stamped agreement in your mailbox instantly.
Here’s how it works:
Step 1: Log on to Housing Edge.
Step 2: Login with your phone number. You will receive an OTP and all you need to do, is verify your number.
Step 3: Enter the basic information about yourself, which includes your name, contact number, email id, your city and your profile – whether a tenant or a landlord.
Step 4: Depending on whether you are a tenant or a landlord, fill in the details – name, either parents’ name, phone number, your permanent address, email id and PAN number (optional).
Step 5: The next step is to fill in the details of the property, such as floor number, configuration, address of the property, etc.
Step 6: You can now proceed to the contract details, which includes details about the agreement start date, monthly rent as agreed upon, rent payment date, security deposit, notice period and details of whether the rent will be increased every year and by what percentage.
Step 7: You can now preview your agreement and its terms and conditions, before paying a small convenience fee. Payments can be made through modes such as internet banking, UP/QR, wallets or even a pay later option.
Also know how to generate a rent receipt online
Once you make the payment, you will be asked to provide your digital signature. You can digitally sign your agreement at a later stage for free, as well. You can ask your landlord to sign it digitally, as well.
After signing the document, the user can download the rental agreement.
You can also go to ‘My transactions’, to track the status of signing of the agreement by the other party and for getting the completely signed agreement.
Housing.com is the first in the real estate industry to facilitate online rental agreements, with an end-to-end digital experience – information collection, online payment, digital stamping, e-singing (by both parties) and finally obtaining the soft copy of the agreement with an elaborate audit trail. It is also the most cost-effective way to get your rental agreement done.
Is an online rental agreement valid in India?
Yes, Housing.com has launched a digital rental agreement facility which enables both, landlords and tenants, to complete the process online. It is legal and valid.
Is there any charge for drafting and creating an online rental agreement?
Yes, there is a small convenience fee that is charged.
Are digital signatures valid?
Under the Information Technology Act (IT Act), 2000, e-signatures have the same legal status as handwritten signatures.