settled in US - pay off home loan in India?

Question

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?

Answer 1

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.

Answer 2

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.

ps do let poster sale you any pork bellies!!!

Answer 3

Hello friend good luck on your Loan search...
Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan. If you do you will learn a hard lesson & never see any Loan money.

Remember, if it sounds too good
to be true, it probably is! NEVER give out your personal information to strangers online! Always be on guard.

Answer 4

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 creditBad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.

Answer 5

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.
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