Islamic home loans are a great way to get involved in the North American real estate market when you’re looking to have some equity. Remember that islamic mortgage loans not only keep you free from riba, they also allow you to stay Sharia compliant in other areas where that’s important to you as a practicing Muslim. However, there are people buying that first home that don’t always understand all the different factors that go into the process, so here’s a few tips that can help you along the way.
- You’ll need to have a new budgeting plan. Most everyone knows that owning a home means paying out more money with the difference being that you’ll own the property once it’s paid off. However, there are new expenses included beyond the mortgage payment you’ll be making. Property taxes and utility bills are just some of the new bills you’ll be getting and putting aside some cash for maintenance is another smart move.
- Learn to compromise. Everyone wants that five bedroom house in the best part of town, but you won’t have it long if you cant afford it.
It all comes down to looking at things realistically and understanding the limitations on a first home. Check out our general info section to get started.