Islamic mortgage loans are open to everyone that wants to own a house including of course, the self employed. However, these folks need to be aware that they will be scrutinized a little more closely than others when they go to take out islamic mortgage loans.
In fact , here’s small bits of advice that you’ll need to consider if you find yourself in the position of applying for a loan as a self employed person.
- Make sure you decide how to categorize your expenses and then stick to that predetermined formula. Whether you use a spreadsheet, file folder or good old fashioned pen and paper, it’s important that you document everything the same way throughout the year.
- Making up definite titles is another important aspect. Filing things under the miscellaneous category is a bad practice that will only get you on the radar of your corresponding government tax agency.
Finally, you need to remember that it’s the net income that will be used to determine your eligibility for islamic home loans. The gross income is the number that corresponds to the amount you’ve made before deductions get factored in . Check out other interesting information here.