A few things the self employed need to know about ijara loansSeptember 24, 2014 at 5:44 pm
Ijara loans are designed so that Muslims that want to stay Sharia complaint can do so without having to give up the desire to own property in Canada or the United States. Islamic loans usa are also put together so self employed people can apply and get loans if they meet the criteria but there are a few differences these folks need to take into account.
For example, when you work for yourself, you need to verify your income a little differently than you would if you had a traditional employer who handed out pay stubs and implemented tax documents. Working for yourself means you need to keep track of your income and be ready to show any lender the documents that show what you made over the last two years.
It’s important to make the distinction between the gross income and the net income that comes after deductions. The net income is the number the lender will look at when they’re trying to decide how much money to give you. It’s lower than the gross number and can affect the amount the bank is willing to shell out.