Please don’t move it to the religious forum because I need help from people who are currently buying homes and it may not be better suited for religious forum!
Did anyone here buy a home through islamic financing? We don’t want to deal with interest at all and are looking into buying a house inshaAllah but would like to know if someone has actually done it or know someone who did and can make any recommendations or provide references.. Thanks
ps: I don’t want this thread to be a religious debate or a lecture about islamic financing! Thanks!
On the name of religion they are charging very high rates...and no modification in future if needed...i am talking w.r.t guidance residential and at least in MD their rate of foreclosure is highest.
hmm Mano in fact I have been hearing good things about Guidance Residential.. I wonder whats going on!
Midnighteyes.. in the US.. any idea?
of course good from them who didn't have any financial issues at anytime, had 100% secure future n were ok with high mortgage rate etc. but if at any time you need to re modify or something you are in trouble...
We've got Islamic financing but we're in uk. don't know whether it'll be the same as in US .. but i guess it shouldn't be so different. We had to pay minimum 35% deposit which could be pretty high for most people to pay. The rent rate is not too high though. We did not want to deal with interest either, hence went for this.
mano.. hmm you are right but then probably same thing with mortgage too.. it's all good and well until you have any issues.. but yeah I will definitely keep this in mind and will continue hunting..as long as there is no interest involved, we will have to make compromises here and then :-(
Maheen.. yes I heard Canada and UK have reliable islamic financing.. It's still a pretty new concept in the US or at least in our area.. so did you buy the house as shared partners? then you pay the rent and your share keeps increasing?
well thanks girls.. we will keep looking and inshaAllah it will work out :-)
No sorry, am only familiar with options available in Canada. I have heard that in the States not all of them are trustworthy, you have to do your homework well to make sure they are not shady
Insha Allah you will find something. I firmly believe anything you sacrifice something for the sake of Allah SWT, He will replace it with something better for you and open up paths for you that you never imagined!
Well the thing is this concept of Islamic mortgage or ijara is valid but still debatable according to some scholars, even some scholars are saying its fine if you, while living in a non Muslim state buy 1 house, 1 car (means things that are only necessities) with their financial laws, but I can't debate much on it, hope you get success on it.
midnighteyes.. yes inshaAllah something will come up.. we are doing our research :-)
mano.. I understand the debate for islamic mortgage but what I don't understand is what are the other options.. shouldnt those scholars be coming up with something else rather than arguing about the methods that satisfy you to some extent? In my opinion, it's like buying zabiha meat, we don't go out there and confirm but trust the store guy's word and reputation that it's halal zabiha so even in this case we will do our research and if it satisfies us inshaAllah we will go forward with it!!!
midnighteyes.. yes inshaAllah something will come up.. we are doing our research :-)
mano.. I understand the debate for islamic mortgage but what I don't understand is what are the other options.. shouldnt those scholars be coming up with something else rather than arguing about the methods that satisfy you to some extent? In my opinion, it's like buying zabiha meat, we don't go out there and confirm but trust the store guy's word and reputation that it's halal zabiha so even in this case we will do our research and if it satisfies us inshaAllah we will go forward with it!!!
May ALLLAH (SWT) guides you n may you have success in it. and you are right if they are saying don't go for it they should be giving some other options too.
