Islamic home loans and credit reportsApril 4, 2014 at 6:00 pm
When you’re shopping for Islamic home loans of course it’s a good idea to look for the companies that understand how to keep you sharia compliant, but once you start looking into how these Islamic mortgage loans work you’ll see that there are some more traditional requirements as well.
Having a good credit report is necessary for getting either an Islamic or more traditional loan. You need to have some identifying information with you as well as some other data about your employment history. It stands to reason that any lender will want to make sure that you don’t present an undue risk for borrowing money from them, but your race, religion or health as well as a few other personal subjects are not included in any credit report.
Pre-qualification is another aspect that you need to look at when you’re researching the complete package around Islamic home loans. Understanding what you need to do in the way of prerequisites makes the whole process go smoothly. It’s important to talk with an Ijara professional if you have bad credit so that you can come up with some ideas together on how to fix the problem.