Some other things to think about when you’re buying with islamic home loansJuly 31, 2014 at 8:33 pm
Buying a house with Islamic mortgage loans is the right way to stay Sharia compliant and away from riba. There are other considerations you need to take into account when you’re buying a property with Islamic home loans and some of these are financial including the down payment.
The down payment and closing costs are a big chunk of the money that you’ll need to finish the actual move and find yourself inside your new lodgings, but unfortunately they’re not everything you need to consider.
It’s important to take into account moving costs as well. Basically it doesn’t matter whether you hire a moving truck or do the job yourself, it’s going to cost you money. Keep in mind there might be maintenance issues that need to be dealt with right away in the new house. For example, if the roof leaks and bad weather is on its way, you need to set aside some money to get those shingles replaced so you can enjoy your new property without having to catch water dripping from the ceiling.
Islamic home loans can help with the spiritual side of the purchase, but you need to look after the finances as well. Click here for any explanation in Arabic.