Tips for using Islamic home financing on your first purchase.March 7, 2014 at 4:14 am
Making the decision to start using islamic home financing to get your first home is the proper way to stay Sharia compliant but of course there’s much more to learn than just how you will finance the purchase.
Here’s a few tips that will steer you in the right direction when you’re looking at buying your first place:
- The Internet will help you research the area that you’re thinking about before you even start looking at homes. It’s easy to find a website that will give you statistics, demographics and other features like the amenities available, crime rate and the number of schools in the area so that you can narrow down your search without ever leaving your home.
- Always make any offer conditional on a home inspection. Islamic mortgage loans are transparent and designed to help you steer clear of riba, but not everyone who owns a home is honest and some will even try and hide major and minor structural flaws that can affect the outcome of the deal.
It’s important to keep in mind that islamic home financing is the financial aspect of looking for a new house, but there are other techniques you need to master to make sure the whole process goes smoothly.