Islamic home financing and the right documentation.October 6, 2014 at 11:39 pm
Islamic home loans are an excellent way to buy a home or other property. It doesn’t really matter whether you’re looking for commercial or residential purchases, islamic home financing products are a great way to stay Sharia compliant and enter the real estate world at the same time.
Still, there are some parallels between Islamic home financing and more traditional models and one is a parallel in documentation.
Remember you’ll need to present proof of your employment, especially if you’re self employed. Generally the people that run their own businesses need to have a little more proof than their counterparts that have regular jobs. However, both groups need to be sure they can substantiate where they’ve been living for a number of years.
Make sure your credit score is in order is another prerequisite. Here, it doesn’t matter whether you want to apply for islamic mortgage financing or the more traditional variety, having your credit in order is one of the foundations you can’t ignore. This is one of the bigger indicators for lenders who want to be sure you don’t present an unreasonable threat and will repay the money back on time.