Budgeting for islamic home loans? Here’s how to get started.

One of the first things you’ll notice when you get involved with islamic home loans is the fact that you’ll need to change the way you look at money to pay for a house. Although islamic mortgage loans keeps you free from riba and in that way are different than more conventional mortgages, it’s important to understand there are some similarities that bring the two types together.

For example,

  • Paying for utilities is one thing that renters need to get used to when they buy a home. Heat and hydro are actually metered and you’ll get a bill each and every month ( unless you can find a company and go on equal billing) and that means your new-style budgeting needs to account for those extra payments.
  • Property taxes is another monthly payment you need to account for.  Although there is a portion that you get back in the United States and the same goes for Canadians that run a home based business, it can be a big adjustment in your monthly numbers at first that can take some getting used to.

You can’t forget about maintenance either just because you think all the bases are covered with Islamic home loans. Whether the home you choose is old or new , there’s always something that needs to be fixed.  Check our some helpful home buying info here.

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