How to Set JAVA_HOME / PATH variables Under Linux Bash Profile

You can set this given below in .bash_profile file,

JAVA_HOME=/etc/jdk1.7.0_07/
export JAVA_HOME
export PATH=$PATH:$JAVA_HOME/bin

It seems like it works just for while, 

but after closing console have to do this again.. 

How to install it permanently?

You should add these lines to ~/.bashrc, 

which is sourced by interactive shells, 

while ~/.bash_profile is only sourced by interactive login shells. 

To verify, open a new shell and echo "$JAVA_HOME".