Should I close my home loan partially for fully when I get money from my father ?

POSTED BY Anto Sebastian ON July 2, 2014 5:30 pm ONE COMMENT

Hey folks,

I have an outstanding home loan of 12 L @11%, I will be getting 15 L from my father as a gift, Should I go ahead and close the loan or close the loan 50% and invest the rest in real estate or invest entire sum in real estate. The home loan what i have can’t be claimed for IT (Its an empty plot under loan from Axis bank). Looking forward to hear from you and thanks in advance for your service.

-Anto

One reply on this article “Should I close my home loan partially for fully when I get money from my father ?”

  1. Hemanth Chandra says:

    I would suggest you to get rid of the bank loan as it is a liability and even you are not getting any tax benefit.

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