An Islamic Loan for Your Non-Working Spouse
One of the purposes of applying for and getting an Islamic loan is entering the real estate market while at the same time staying compliant with Sharia law. Dealing with Islamic finance here means that you need to get involved with a trust to avoid Riba while at the same time still retaining the more traditional rights of the market, but that doesn’t mean that you can’t look into the advantages non compliant real estate markets afford you.
For example, you need to understand the importance of being able to navigate toward the best deal both inside and outside the parameters of the Islamic loan that you’re looking at. Your credit history will be an important factor in getting you started off on the right foot. Make sure that you make payments on time and try not to make too many inquiries into your standing unless they are completely necessary.
There are of course a host of other things that you need to consider under the umbrella of getting the right Islamic finance deal that suits you and at the same time allows you to stay clear of Riba. One of the other questions you need to consider is whether you want to put a non working spouse on the Islamic loan application.
The benefits here occur when your spouse does have a decent credit history that will increase your chances of acceptance. Having the non working spouse on the application is especially useful when the other partner that is supplying the income has a bad credit rating. The non worker’s good credit can make the difference between getting the loan and being rejected.
Remember too that although you’re looking at working under the umbrella of Islamic finance, there are still some other considerations where the non working spouse’s name on the application works best. For example, there are situations where the working spouse has no credit history and major financial institutions will require some way to look over the couple’s ability to repay the money. Here, even getting an Islamic loan will necessitate help from the non working spouse’s credit scores.