Magicbricks has launched the Pay Rent Options “Pay Rent by Credit Card with magicbricks. It has just 1% processing fees like No-Broker, which has similar options. The rent payment process is similar to any other Rent App. Here is everything you need to know.
What is Magicbricks?
Magicbricks common platform for property buyers & sellers to locate properties of interest in India and source information about all property-related issues. Its the wholly-owned subsidiary of Bennett, Coleman & Co. Ltd (The Times Group).
Magicbricks was founded by Mr. Sudhir Pai, the owner of Times Group. Now Magicbricks has also introduced the Pay Rent with Credit Card services. This Rent payment platform was obvious because the competitor is already offering the same features.
You can pay rent through credit card via a Magicbricks website by choosing Pay Rent option.
Magicbricks has simple flat fee just like their competitors. Payment can be made using either a VISA or a Mastercard credit card.
|Payment Options||Processing Fees|
|Credit Cards||1 % ( Flat)|
Processing Fees can be changed at anytime. Read terms & Conditions for Rent Pay
Rent Payment Process
Rent process is very easy, quick, and the most rewarding way to pay your monthly rent. Here is the details.
- Provide your rent and landlord’s account details
- Make payment using your credit card
- Landlord gets the rent within 3-4 days
Rent Payment Process in Step-wise
- Step 1: Open Magicbricks online website
- Step 2: choose the pay rent option.
- Step 3: Enter rent Details
- Step 4: Enter landlord details ( Bank Details or UPI ID)
- Step 5: Select your payment method and Process the payment.
- Step 6: Check your email for rent receipt and tax invoice.
Share Rent amount, Rent Month, and Citi. PIN Code and other details are optional. However, note that Property details are mandatory for availing benefits under Income Tax. I other App like CERD, No Broker address details are compulsory.
Provide landlord details, Bank Account Details or UPI ID. Magicbricks will verify these details.
If not registered earlier with Magicbricks, First registered, then proceed with Payment options.
Enter your credit card details and finally pay. Once your rent payment is successfully processed and transferred to the landlord’s account, you will get a digital rent receipt on your registered email address.
I did a test payment of Rs.5000 my account itself as described above payment process. Magicbricks says that it usually takes up to 4 working days to transfer the rent to your landlord’s bank account. However, in my case, Rent was transferred to the landlord’s account within 4 Hours.
Magicbricks will notify you that payment has been transferred to the landlord account by SMS & E-Email.
Magicbricks certainly will the best option to Pay Rent by Credit Card next to No-broker and Redgirrafe. No-broker is the same processing fees and payment option. However, Magicbricks do have Payzapp offers like No-broker.
Magicbricks report for Pay Rent by Credit Card as Utility Payment, so some credit card do not offers Rewards Points on utility payment (Amex), however you may still be able to get milestone benefits & annual fee waivers wherever applicable.
Have you used Magicbricks for Pay Rent by Credit Card? Feel free to share your thoughts in the comments below.
Can I pay rent through Magicbricks even if I am not registered on it?
Yes, you can pay rent through Magicbricks, whether you are a registered user or a new user. All you need is a credit card and the bank account/UPI details of your landlord to complete the transaction.
How do I get the receipt for my rent payment?
Once your rent payment is successfully processed and transferred to the landlord’s account, you will get a digital rent receipt on your registered email address.
Are there any extra charges for this service?
A small processing fee is charged for making such payments with a credit card. This fee is 1% of the transaction amount if you are using either a VISA or a Mastercard credit card.