Islamic Finance: How we bought our house (part 1)
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Salam
Search for Q/A: Mortgages? RESP plans? in youtube
The above link from "let the quran speak" refers to "reputable scholars" who state that the 1st mortgage ( the home you will live in) is permissible. They say that the TAKING of interest is haram, but the GIVING of interest is a contributing factor and sometimes cannot be escaped (e.g. student loans). Is this correct?
@"Livinghalal" Wouldn't it be better to publish a FREE guide to help people rather than make $27 for ebooks?
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True2! I myself face the dilemma myself. My mom says if there's no alternative, its okay to use commercial loan. Well, do you think I should wait till some Islamic bank sets up in Singapore?
Sometimes watching these kind of video really makes me wonder should I listen to advice not to take commercial bank loans and wait for Islamic banking, or should I just listen to my mom and go ahead with the loan?
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salam bro and sis
im living in singapore. i can tell u that there is not a single islamic bank or and bank give home loans interest free.
the muslims there cant afford to restrain from it. the houses are expensive. even the subsidised housing with 3 bedrooms costs the minimum $150k. the common ones are $200+ k. rental is worse. for 3 bedrooms, it's at least $1200 to $1500 a month rent.
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Alhamdulilah thank you for this guidance...
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Can someone answer my question please?
I live in Singapore. I will not be able to avoid riba when getting a house loan because for me to pay it in full, I need to be a millionaire. There is no Islamic loan service for homes.
So what can I do?
prana888 1 year ago
@prana888 assalam alaikum may Allah make it easy for you as you are striving hard to stay away from haram. There is a lecture about this, search for
halalbucks you-are-wealthier-than-you-think
livinghalal 1 year ago
I have a question to ask. Why there is a 20% down payment requirement when the bank cannot reposes the house in the Islamic mortgage (diminishing Musharakah).
That 20% belongs to the client even if he defaults. I think there is no such requirement, it is all Bakers propaganda.
MeX2004 1 year ago
@MeX2004 there is no 20% requirement. They offered a down payment to make the offer more attractive.
livinghalal 1 year ago