Islamic home loans and some budgeting tips you can use - ijaraCDC

Islamic home loans and some budgeting tips you can use

It usually doesn’t take very long after you get the keys to a new house or commercial endeavor to find that your islamic home loans are just the beginning of the process. While it’s true that Islamic mortgage loans get you set up a house, condominium or other type of property, signing on the dotted line to get the finances is just the tip of the iceberg as far as budgeting your money is concerned. When you take a look at the application process that we have clearly laid out on our website you’ll see that getting a home is one of the biggest investments you’ll ever make and a several stage process that results in you getting the keys but having to learn a whole new set of financial rules once you do. Even the closing costs have a series of payments you might not have budgeted for including land transfer taxes in certain parts of Canada and lawyer’s fees regardless of which side of the border you’re buying on. it’s a good rule of thumb to expect that the finances will be tight for the first five years that you’ve signed on for islamic mortgage loans.