January Newsletter: We’re here to help you with an ijara loan that fits your needsOctober 13, 2015 at 4:55 pm
When you’ve made the decision to get an ijara loan, you’ve made the commitment to buy a product that will keep you Sharia Compliant and free from usury, but of course there are some other advantages we’d like to point out here that make getting ijara loans a good overall investment for several different reasons. For example, did you know that getting an ijara loan means that you are entering the North American real estate market and can enjoy all the other advantages of being a land owner including your own equity? Regardless of whether you have ijara loans or the more traditional Western variety, the proportion of the property that you own goes up over time as you make more payments. The resulting value of that slice of the pie is called equity and can be used in several different ways including:
- Using it to buy another property. Once you build up your equity over several years you have leverage to be able to upgrade the house you’re in or even buy another property to continue on with your real estate holdings. Depending on your circumstances you can also access your equity in a reverse mortgage to send someone you love through college or to help your family over a rough period.
- Equity can also help you to improve the home where you’re currently living through renovations and upgrades.