Q1: What is TRU Home Loan by Torbit and how is it beneficial compared to other home loan service providers?
A: TRU Home Loan by Torbit is dedicated to providing hassle-free and quick home loan services. Our team first understands your requirements and eligibility, then offers various options so you can choose the best available home loan. With TRU, you will benefit from a 0% processing fee on assured home loans.
Q2: What is the process to show my interest with TRU?
A: Simply fill in your contact details and submit the form on our website. Our team will connect with you soon. For immediate assistance, you can also call us at the provided number.
Q3: Does TRU only facilitate home loans from HDFC?
A: While TRU is primarily partnered with HDFC for home loan processes, we also collaborate with a pool of other leading banks and private home loan providers. Based on your needs, our team will research and provide you with various options to choose from.
Q4: What type of research does your team do to provide the best home loan options?
A: Our team first checks your loan eligibility and compiles a list of banks you can opt for. Then, TRU calculates your interest liability over different tenures with available options based on your eligibility. We suggest the best option to help you make an informed decision. Additionally, if you are still searching for a property, TRU can provide property suggestions and assist you in vetting your decision.
Q5: Why should I opt to apply through TRU rather than directly?
A: Applying through TRU offers several advantages:
- Personalized Service: We understand your specific requirements and eligibility to provide tailored loan options.
- 0% Processing Fee: Enjoy zero processing fees on assured home loans.
- Expert Advice: Our team offers expert guidance, ensuring you get the best possible home loan deal.
- Property Assistance: We can also assist in finding and vetting properties, making your home buying process smoother.
Q6: What are the parameters for arriving at Housing Loan eligibility?
A: Home Loan eligibility is determined by several factors, including:
- Age: Applicants should be within the age range of 20-65 years for salaried individuals and 21-70 years for self-employed individuals.
- Income: A minimum income of Rs 25,000 is required.
- Employment Stability: A stable employment or business record is essential.
- Credit Score: A good credit score of 700 or above is typically required.
- Existing Financial Obligations: Current financial commitments are taken into account.
- Nationality: Applicants must be Indian nationals.
Q7: How is the Equated Monthly Instalment (EMI) for a home loan calculated?
A: The Home Loan EMI is calculated based on factors such as the loan amount, tenure, and the rate of interest.
Q8: How many types of home loans do you deal in?
A: We provide services for various types of home loans, including:
- Home Loan
- Plot Loan
- Construction Loan
- Renovation Loan
- Interior Loan
- Refinance
- Loan against Property
- Limit on Loan against Property
Q9: Is there any tax benefit available on home loans?
A: Yes, home loans offer tax benefits. You can claim deductions for the repayment of both the principal and interest components on your income tax return. In India, under Section 24(b), the interest paid on a home loan is eligible for a deduction of up to Rs 2 lakh per year. Additionally, under Section 80C, the principal repayment is eligible for a deduction of up to Rs 1.5 lakh. These tax benefits make home loans an attractive financial instrument, encouraging homeownership while providing potential savings on taxable income.
Q10: How long does it take to get a Home Loan sanctioned?
A: The duration for sanctioning a Home Loan varies depending on several factors, such as the applicant’s documentation accuracy, credit history, property evaluation, and credit score. Generally, the process can take one to two weeks. However, our team is prompt and aims to complete the verification and processing within 48 hours after receiving all relevant documents.
Q11: Why should I go for pre-sanction if I am yet to decide on my property?
A: Opting for a pre-sanctioned loan can be beneficial as it helps you:
- Make informed decisions and manage your finances better.
- Gain clarity on your budget, allowing you to choose the right payment plan from the builder.
- Save time during the purchase process by knowing your upper loan limit in advance.