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What does taking a loan against 401k look like? It is advisable to do that to buy a house and then pay back over time?

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This gets into FA paid advice territory. It’s possible and the IRS lays out the rules for max, and plans have specific interest rates and fees. I could see it being more effective than saving a ton of cash, though.

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Did this pretty recently. Applied it through Accenture's benefits page and got the check in the mail a few days later. You can take 50% of your current balance upto a max of 50k (?).the EMI directly gets deducted from my paycheck. Used the money to buy a property offshore.

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Do you know if the 50k limit applies to all 401k accounts or just one? If you have multiple 401k accounts, could you take 50k out multiple times?

Did this with my first home 20 years ago. Worked out for me. I don’t recall all the details but I think I just called the company that managed my 401k and signed some paperwork. Of course, the process may have changed . . .

I withdrew 3 years back to pay officer the mortgage. Worked great for me. No regrets!

Was the interest rate on your 401k loan lower than your mortgage??

Keep in mind that whatever interest you are paying, it is paid back into your 401k. If loan has interest of 6%, you are paying that interest to yourself.

Be careful about the terms. Many 401k loans require repayment in full if you leave the company, otherwise it’s considered a distribution (with penalty) and you lose the tax advantaged space for good.

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