Sure, the market rates are low and there’s always Islamic finance institutions like us here at ijaracdc.com to make sure that you get into the house of your dreams with a deal that won’t have you bound by Riba, but there are other questions you need to look at beyond Sharia compliance.

You need to have some kind of checklist that will tell you how much you can afford to spend. Not only will the most trustworthy Islamic loan institutions want to see you live within your means, but they’ll also want to make sure that you’re able to calculate the numbers you need effectively.

It’s easy. Just take the total of all your monthly payments including credit cards as well as the mortgage and then see what percentage of the total income that equals for your household. After you’ve worked through those numbers, you’ll have a figure that you can work with inside the scope of Islamic finance. The number you get at the end is called the debt to income ratio.

Still, you might need to be further persuaded to buy rather than just rent. Maybe all the responsibilities that come with buying a home are leaving you a little undecided. If that’s the case, here are some great reasons to take the plunge and look into getting an Islamic loan to get you started.

First off, the economy itself should be telling you that this is a great time to look into the housing market if you haven’t already taken the plunge. With all the turmoil that’s been going on in the world credit and housing markets, real estate is cheaper than it’s been in years and interest rates are at historical lows. Overall, if you can afford it, this is a great time to work with Islamic finance partners to get you started in home ownership.

Remember too that when you buy a home, you are investing in your financial future and starting on a path whereby your family will be able to enjoy the property as an inheritance down the road. As a renter, you can always be the target of rent increases, but once you pay your home off; there are only utilities and maintenance to keep pace with.

Alterations in a property that’s been bought with an Islamic loan are part of the process. When you own the home, you can do with it as you like. On the other hand, when you rent, changes to the property are the domain of the owner or landlord.

Remember that when you’re looking for the right Islamic finance to help you get into the home you want, we’re right here at IjaraCDC.com, providing the right products that are Riba free.