When you’ve made the decision to purchase ijara financing for a new home or some other kind of real estate, it’s possible you can be a little confused about how the requirements for an ijara loan overlap with their more traditional Western counterparts.
We can help by pointing out what you’ll need to do to get the process underway on our application process page and right here where we can explain the biggest questions our valued clients have about how things work.
- Applying for ijara financing doesn’t preclude you from proving that you’re not a repayment risk to lenders. You need to show documentation that you’ve been working and living in the same place long enough to be considered stable by these institutions. So, if you’re thinking about changing jobs and applying for an ijara loan at the same time, you might want to hold off on the job change for a bit until you settled away.
- You’ll need to have a decent credit score. This is important since it shows these same lenders that you know how to handle credit and have been responsible with it in the past. You can get some more great information on how this important aspect of ijara financing works by following this link.
- You’ll need to show you have a down-payment. Although the percentage of the total price will be different depending on the lender you’re dealing with, having about 20% set aside is a good benchmark to use.
Of course ijara financing will keep you Sharia compliant and away from riba. That’s the other side of the coin that’s important when it comes to getting an ijara loan. Why not get in touch with us today so we can start putting together the package that will suit both your needs and budget?