401k loan or personal loan for buying house in India

Dec 5, 2019 8 Comments

Can you use your 401k money as loan or take personal losn for buying property in India ?

H1b visa holder

2 yoe
TC : 160K

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TOP 8 Comments
  • Cadence Mariposa
    A colleague of mine did this. They were able to borrow 50% of the money in your 401K; there is small condition that should you lose your job, you will need to repay the money the next day or something like that. The short answer is - Yes you can borrow. You pay interest towards yourself so it's not too bad.
    Dec 5, 2019 1
    • Esurance Twfd47
      When you change the job u have to pay it in 60 day’s or if you don’t it defaults to withdraw. If it defaults to withdraw you have to pay taxes and 10% penalty
      Dec 5, 2019
  • Roku qyjW64
    My 401k loan is at 5.75% interest rate. Which is better than personal loan offers i received. I will go with 401k
    Dec 5, 2019 0
  • Uber / Eng itsdara1
    Every time I bought a house I took out a 401k loan. 5yr repayment no questions asked
    Dec 5, 2019 2
    • OP
      Does it matter whether you are buying a house in India or USA ?
      Dec 5, 2019
    • Uber / Eng itsdara1
      Nope doesn't matter.
      Dec 5, 2019
  • Esurance Twfd47
    The interest that you pay for 401k loan will be given back to you as you took loan from urself
    Dec 5, 2019 0
  • Google / Eng marto
    You don't have enough of a credit history to qualify for a low interest rate loan in the US
    Dec 5, 2019 0

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