A Rental Guarantee is a guarantee issued by hausloz issued on behalf of the tenant protecting the landlordagainst losses in the event of a default by the tenant. Rental guarantees are used as alternative to cash security deposits and covers the following – Unpaid rent Unpaid rent for the balance of the minimum Lock-in Period Unpaid obligation to pay for damage to the property at the Expiry or Termination of the Lease Unpaid expenses including utility bills, maintenance charges, water bills, club charges etc
A landlord does not have the means to accurately assess the credibility of the prospective tenant. Hence there is a risk involved in letting out your property to an unknown tenant. You try to mitigate these risks by taking a security deposit from the tenant. When you agree to accept hausloz Rental Guarantee from your prospective tenant, you get a credit verified and assessed tenant and all the risks of default by the tenant are covered under an institutional guaranteeissued by hausloz in the form of a Rental Guarantee. If your tenant defaults on his tenancy obligations, hausloz pays within 5 working days. hausloz Rental Guarantee covers the tenancy risk far more comprehensively than a traditional security deposit. It also provides you with added flexibility while deciding on the extent of cover. Since the tenant has to pay only a fraction of the Guarantee Value as guarantee fee, he does not mind providing you with a higher Guarantee Value cover. hausloz issues rental guarantees only to tenants who pass hausloz stringent underwriting criteria. So now you as a landlord do not run the risk of letting out your property to an unverified tenant. hausloz reduces your risks as a landlord in tenancy by providing you with credit verified and assessed tenants and guaranteeing their obligations under the tenancy contract.
Any tenant who meets our underwriting requirements can buy an hausloz Rental Guarantee.
Yes, a student can also opt for hausloz Rental Guarantee. All you have to do is apply with credentials of one of the earning members of your family. Your parents or earning siblings can become the applicant for your guarantee.
Once you have filled up hausloz online application form, it is validated through various integrations at the back end in real-time. hausloz has programmed a proprietary underwriting engine that verifies an applicant’s credibility through various checks to arrive at the eligibility of the tenant for hausloz RentalGuarantee. The entire process is digital and can be completed and in under 3 minutes.
Once you are eligible, you can purchase an hausloz Rental Guarantee by paying the guarantee fee online using your Credit/ debit cards, UPI, Net banking and wallets.
It is very easy to register and buy a rental guarantee from hausloz It takes only 3 minutes to buy an hausloz rental guarantee. Follow these steps to register for Rental Guarantee: Register as a tenant on app.hauslozguarantees.com by filling up our online application form. hausloz Guarantee will calculate your eligibility for the Rental Guarantee Enter the guarantee amount after checking the Eligibility – Guarantee amount is capped within eligible amount that is displayed to you by hausloz once you have completed the online application Make the online payment Upon successful payment, your hauslozRental Guarantee will be issued and could be downloaded instantly. A copy of your Rental Guarantee will also be forwarded to your landlord’s email ids.
Yes, if there are no claims made under your Rental Guarantee, then upon an application by the Tenant, hausloz would refund 50% of the remaining unexpired portion of the fee paid for the Rental Guarantee. However, if the tenant takes out a Rental Guarantee for another property, then hausloz will refund/adjust full amount of the unexpired fee of the guarantee for the previous property.
We promise to pay all the claims within a maximum of 5 days. You must submit your claim on the Rental Guarantee any time before it expires. The period of the guarantee is for the period of the lease (normally 11 months) plus one month to facilitate a possible claim. A valid claim is paid within 5 working days.
The amount value of the Rental Guarantee could be the same as the security deposit or higher depending on the landlord’s ask. There is no maximum limit to the Rental Guarantee value. But for tenancy of family homes, the minimum guarantee value that you are required to purchase is equivalent of 3 months of rent and for tenancy of shared accommodation, you are required to purchase a minimum guarantee value equivalent of 2 months of rental amount. The Rental Guarantee is subject to the maximum sum stated in the Guarantee ("Secured Sum"). It is a factor of number of months’ Rent which an Owner and Tenant mutually agrees upon.For ex: If the monthly Rent is Rs.10,000, then the Guarantee Value would Rs.30,000 (for a 3 months’ cover) or Rs. 20,000 (for a 2 months’ cover)
The Tenant pays the fees to hausloz for the purchase of the Rental Guarantee.
hausloz Rental Guarantees are available for residential as well as commercial property leases. If you have an interest in commercial property Rental Guarantees, please write to us at info@hauslozguarantees.com to register your interest with us and our team shall contact you
HAUSLOZ Rental Guarantee fees are charged as a percentage of the amount of the surety. The fee for a residential rental guarantee ranges between 6-12% per annum of the guarantee value, depending on the kind of housing that you choose - Family home or Co-living room and the coverage opted for under the Rental guarantee.
No,not whilst the tenant still owes money to HAUSLOZ (the Guarantor)under its Indemnity to repay the amounts due to us.Ifthedueamountispromptlyrepaidto HAUSLOZ , an application for a new Rental Guarantee can be considered, but HAUSLOZ will not be under any obligation to issue one.
Yes, if the tenant and owner are renewing the lease, HAUSLOZ Rental Guarantee can be renewed by completing the simple renewal process and paying the prescribed renewal fee (provided there is no claim against the tenant).If there is a change in the T&Cs of the tenancy upon renewal - the new tenancy agreement needs to be shared with HAUSLOZ , e.g., updated rental value, months of rent cover, etc.
Yes, Hausloz allows landlords to register multiple properties tagged under the same Landlord details and different guarantees will be issued against each property as and when applied for by incoming tenants.
Should you decide not to check in on the scheduled check-in date, you could reschedule your check-in date by requesting your landlord and sending a request to HAUSLOZ . But should you decide not to move into the property at all, you can request a cancelation of the Rental Guarantee with HAUSLOZ . If the cancellation request is raised with Hausloz within 72 hrs. of the scheduled check-in date, HAUSLOZ will refund the full guarantee fee. But if the cancelation is delayed more than 3 days from the scheduled check-in date, 50% of balance of the guarantee fee after pro-rata deduction will be refunded to you. An important point to note - The cancelation will be subject to release of your Rental Guarantee by your landlord.
Yes, provided there are no claims on the existing Rental Guarantee.
Simply put, a Surety Guarantee is a guarantee. It is a three-party agreement between the Principal, the Obligor and the entity requiring you to obtain a guarantee - the Obligee, also known as the beneficiary. The Surety Guarantees that the principal will perform as per the contract and that he will step in to indemnify the beneficiary in the event of a loss caused by the principals default. A Surety Guarantee also works like a prequalification in a few cases to ensure that the principal is able to participate in a bidding process or the award of a contract.
Principal - The principal is the entity required to put up the guarantee. This could be the contractor, dealer, the franchisee, or the tenant. Obligee - The obligee, also known as the beneficiary, is the entity that requires the putting up of the Surety Guarantee. It can be either the project owner, the landlord or the lender. Obligor - An Obligor refers to the surety company that issues the guarantee. Guarantees as they are also known as, may be required while bidding for a contract or at the time of the award of the contract. Guarantees are a form of financial security, and the surety is the entity that backs the guarantee.
Insurance is a two-party relationship where the insurance company assumes the risk of the principal, while a surety guarantee is a three-party relationship where the Obligor undertakes to indemnify the beneficiary from loss arising from the Principals contractual default. The Principal however continues to absorb the risk of non-performance. A surety guarantee protects the Obligee and not the Principal. While an insurance protects you against a risk, Surety Guarantee, guarantees the fulfilment of a contractual obligation.
The Guarantee fee varies with the type of Guarantee and the Guarantee Amount. As such there is no set way for determining the cost of the surety guarantee.
Please visit our contact us section, fill out a form and submit the details. Our representative will get in touch with you and assist you right through the process. For rental guarantees, please visit the rental guarantees section.
Most of the Guarantees in India are On-demand Guarantees - which means that they must be paid out to the beneficiary immediately upon receipt of the invocation. We will notify you immediately upon receipt of the claim from the Obligee. You may want to reach out to the Obligee and resolve the issues. However, if the attempt to resolve is unsuccessful and the claim has to be paid, you must provide the payment immediately. In the event that we have to pay out the claim on your guarantee, you will be required to pay that claim back. However if the Guarantee happens to be a conditional Guarantee, we will investigate the validity of the claim. If the claim is valid, we will inform you upon closure of the claim If the claim is valid and there is indeed a default by the Principal in the performance of the contract, the Principal must provide the payment immediately. If the Principal fails to respond or satisfy the claim, we will settle with the Obligee and proceed with collecting the amount paid from the Principal under the indemnity agreement.
Rent-O-Cash is a financial solution that provides landlords with immediate access to funds by advancing the rent receivables based on the lock-in period assured by Hausloz Rental Guarantee. It operates as a loan with the landlord as the borrower.
Once you accept Hausloz Rental Guarantee from your incoming tenant, approve the move-in inspection along with the Key Information Sheet and upload the signed Leave & Licence/Rental Agreement on the Hausloz Portal, your Rent-O-Cash offer is activated immediately. You can then receive the rental payments for the entire lock-in period upfront from our lending partners at attractive interest rates.
Rent-O-Cash combined with Hausloz Rental Guarantee is the ideal solution for the landlords While security deposits typically cover only 2-3 months of rent, they are often insufficient to protect landlords fully from potential risks. With Hausloz Rental Guarantee, you benefit from a comprehensively underwritten tenant and a coverage that far exceeds traditional security deposits. Hausloz Rental Guarantees protect you against: Default in payment of rent & utility bills Breach of notice period Breach of lock in period up to 6 months. Damages to the property Rent-O-Cash provides you with greater liquidity by offering advance rental payments for the entire lock-in period at attractive interest rates, surpassing the value of a typical security deposit. Together, Rent-O-Cash and Hausloz Rental Guarantee lead to higher tenant satisfaction, reduced vacancy rates, superior coverage, and higher rental yields, while at the same time ensuring enhanced liquidity for the landlord
Register your property on Hausloz portal. Share the property link with the tenant. Ask your tenant to submit Hausloz Rental Guarantee at the beginning of the tenancy. Ask your tenant to- conduct a move-in inspection upload videos/pictures of the property's condition & the signed leave & licence/rental agreement to his Hausloz account. fill out the Key information accurately to ensure that all the financial obligations and important dates align with your Leave & License/Rental Agreement. Once the tenant has completed the above, you will be notified on your Hausloz dashboard for approving the same.. your Rent-O-Cash offer will be activated as soon as you approve the move in inspection. You can then receive funds on the same day when you apply for them.
To activate Rent-O-Cash, the following documents are required: A completed move-in inspection report by the tenant. The Key Information Sheet The signed Leave & Licence/Rental Agreement Once these are submitted and approved by you through your Hausloz account, the Rent-O-Cash offer will be activated.
The loan amount is based on the lock-in period specified in the rental agreement and is a flexible amount, equal to the rent for the lock-in period, subject to a maximum of 6 months of the rent receivable from your tenant.
EMI payments are equal to the monthly rent received from the tenant, ensuring a manageable and smooth repayment plan.
You can apply for the Rent-O-Cash facility, which gives you the rental amount for the lock-in period as soon as you confirm the move-in inspection that your tenant updates on your Hausloz account. However, the available amount decreases by one month’s rent for each month of delay. For example, if the monthly rent is Rs. 50,000 and the lock-in period is 6 months, you can avail of Rs. 300,000 if you apply in the first month. If you apply in the second month, the amount reduces to Rs. 250,000, and so on.
Once your Rent-O-Cash offer is activated, you can apply for the same and avail the funds in your bank the same day.
A tenant is in default if they breach any or all of their obligations under the leave & licence/rental agreement and covered under the rental guarantee which includes lock-in period, notice period, failure to pay rent or utility bills, or cause damage beyond normal wear and tear. To file a claim, the landlord must first serve a formal demand for payment on the tenant. In case of continued non-payment by the tenant beyond 14 days from the date of the formal demand, the tenant is considered to be in default. You can claim on the guarantee only once.
In the event of a tenant's default covered under Hausloz Rental Guarantee, you can raise a claim with Hausloz . Before compensating you for the defaulted amount, Hausloz will check the outstanding loan with the lender, repay the lender first, and then pay any remaining balance to you.
If your tenant has delayed on your rental payment and has paid after the instalment from the lender has become due, it is your responsibility to ensure that the lender is paid on time so that there is no negative impact to your credit score.
If you fail to make EMI payments to the lender, it will be considered a loan default on your part. The lender will have the right to recourse as per the loan agreement terms and may report the default to credit bureaus.
The move-in inspection is a “Do it yourself” process conducted by the tenant and approved by the landlord. It involves listing items in the property, taking videos and pictures to document the property's condition at the start of the tenancy, preventing disputes over damages at the end of the tenancy.
It ensures there is no ambiguity about the property’s condition at the end of the tenancy, helping to prevent disputes over damages.
The Key Information Sheet (KIS) is a form filled out by the tenant during the move-in inspection. It includes details about the tenant’s financial obligations and important dates, as per the Leave & License/Tenancy Agreement.
Ask your tenant for Hausloz Rental Guarantee, to complete the necessary move-in inspections and upload the leave & licence agreement on their Hausloz account. Your Rent-O-Cash offer is activated immediately upon you confirming the move in the inspection report and Key Information Sheet.
For more details, visit the Hausloz Portal or contact us on +91 92898 29300