There’s no doubt that getting the right ijara mortgage can be overwhelming if you don’t know where to start and how to narrow down the choices that you have. Ijara financing is the same in many ways as the more common traditional western style version but of course there are some fundamental differences. Here’s an overview of the things that you’ll need to consider so you can be sure you’re getting the product that suits your needs and budget.
- The amount that you get approved for by the lending institutions is often more than you’ll need. Prudence is one of the operative words here because taking all of the cash a bank will give you doesn’t consider the other expenses that you’ll need to cover like utilities and property taxes.
- Think about your needs versus your wants. Having a two car garage could very well be one of those things that you’ve envisioned as part of your new house, but when push comes to shove and you figure out the finances, you might even need to take the bus to work for the first few years you own the new home. Keeping your ijara mortgage wish list realistic is important to your overall success as a homeowner.
- Think about where you want to live before you start shopping for that new home. Putting together a list of the amenities you need will help to dictate where you live and the amount of the ijara mortgage that you finally take on. There are other considerations as well like if there is transportation nearby and the resale value of the area that you are thinking about buying in.
In the end, there are several different factors that go into getting the right ijara mortgage that’s the proper size for your needs. Taking the time to look at the bigger picture is the best way to make sure you get more of what you can handle as far as the finances goes. Of course it’s good to know that you’ll be Sharia complaint with any and all of the ijara mortgage products you choose.