Looking at getting ijara loans? Here’s a few bits of information you’ll need to consider.June 25, 2014 at 3:43 am
People looking to get involved with islamic home loans want to be sure the whole process goes as smoothly as possible. Of course getting involved with us is a good move as it will to expedite the whole process, but there are some other tips that can help you as well.
First of all, you’ll need to have your finances in order and that means taking the time to consider all the different costs you’ll need to pay on a monthly basis. For example, many new homeowners are unaware because they’re moving from a rental situation that they will need to start paying for utilities as well as property taxes and even condominium fees in some cases.
Keeping a safe margin
Although the ratio might differ depending on the state or province you live in, it’s generally considered a safe margin if you don’t spend any more than 32% of your gross household income on your total monthly housing costs. This figure has been carefully determined to allow for a smooth transition for people learning the additional monies that are needed to run a home.
It’s also important to keep in mind that islamic mortgage loans often have parallel costs to their more traditional Western counterparts. For example, it’s good to put some money aside for the legal fees that you need to pay for to close any deal and there’s always the possibility a land transfer tax that can come as an unpleasant unexpected surprise.
When it comes to a down payment, it’s a good idea to consider more than just the required amount the lending institution wants. Remember the more you can spare the less that you will owe so it’s a good idea to dig as deep as possible without leaving yourself short in other areas.
Sharia compliant and riba free
Finally, you need to look for the experienced help when you want to stay Sharia compliant and riba free. Here at Ijaralaons.com we’re the company that’s got your best interests in mind as a practicing Muslim. We’re the firm that was first to operate in both residential and commercial real estate and the first to have a branch operation in Canada. Why not get in touch with us today? Check out our handy contact page for the representative nearest you.