what will be the treatment on tax side as i am paying 5 percent and getting 5 percent as well . I took the money to buy something but deal is dealayed for few months . Thanks its for uk
Answer:
So can I borrow 15k. I will pay it back :)
If your house is in the US then you can write off the interest on the loan but you have to pay on the interest that is income. So unless you have some way to make much more on the savings (rates are going up) then it's a wash.
Dumb move. YOu should have gotten a line of credit on your house instead of a loan. That way you will only have to pay on the amount mortgaged that you actually use.
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