Islamic home loans, ijara rent payments and some other things you’ll need to knowApril 4, 2014 at 5:49 pm
One of the things you’ll notice when you start looking into Islamic home loans is the fact that while these are specifically designed to be free from riba, there are some similarities to more traditional Western mortgages like they need to present documentation to the potential lender about your job. They will also want to know about your credit score and where you’ve lived for the past several years.
However, these Islamic mortgage loans also have some very different aspects including how rent is calculated so that you could wind up owning the property without usury. Once you’ve got the financial end straightened away and you’re settled into your new home, a few upgrades are something you might want to think about.
For example, research has shown that putting in a home office adds value for people looking to buy in these modern times. Converting an extra bedroom into a home office is one of the best ways to add value to your home if you’re thinking about reselling. Islamic home loans can also help you keep the outside of your house in good shape by financing a newly paved driveway when necessary.