I am paying Home Loan against Property in India since 2011. is it Legal to take Personal Loan in USA and Repay against Home Loan in India.
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2A personal loan typically asks for no collateral. You can use it for anything you wish, furniture, vacation, etc. Paying off a loan elsewhere shouldn't be an issue. – JoeTaxpayer♦ Sep 6 '16 at 20:48
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If the bank will give you the loan, sure. They aren't going to accept the Indian property as collateral, though, so you may have trouble getting a reasonable rate.
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is it Legal to take Personal Loan in USA and Repay against Home Loan in India
Yes it is legal. Personal loans do not have any usage limitations.
Does it make sense depends on your risk appetite. It may make more sense to keep the Indian home loan and make the payments as appropriate from NRE account. When you sell the house, you can repatriate the funds that were used to service the home loan without any hassle.
