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Settled in US - pay off home loan in India? |
We (family of 3) have decided to settle in US after being here for 3 years. Before coming here, I bought a flat, took home loan for 600,000 Rs. Parents live in the flat, so selling it is out of question. I have to keep paying off 6000 Rs. per month for next 20 or more years. I have @ 10K $ saved till now and have a target to save 20K $/year hereon. 'Personal finance mantra' says (recently started reading on PF), first pay off debt, then start saving. Should I try to pay off the loan by balloon payment, as much as I could, since its not helping me for tax any more? Or should I save money, invest it in US? If your ONLY debt is the house, and you can find $20,000/year to put toward savings and the house, I would probably split that between the 2 goals. 10k$ saved is a lot of money. I am in the commodity trader. In my opinion why not invest a part of it in the commodity market? You could look at clearing off the loan earlier. And also look at a better return but it will not help you in your tax saving. Hello friend good luck on your Loan search... There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad credit<!--These options include Bad Credit Home Loans, Home Equity and Line of Credit (HELOC) Loans and different options for Mortgage Refinancing, making it possible for those with bad credit to realize the dream of owning their own home.You can find more information on Home Loans here, i take it maybe in a few years you will want to buy a house here -- if you all ready have 10k and can put 20k any where your want {for planning purposes only) to buy the house in three years i would put 15 a year in savings and apply 5k toward the house in India. that would give you 55k for a down payment three years from now. not knowing what the market is going to be like in three years with this sub prime thing you still should still be in great shape. |
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