Mortgage- Halal/Haram

[soundarya]

@pak-one

You’re calculations are way too simple.

I am not going to talk numbers but I can tell you that when I was looking to buy my condo, the location/price/timing was perfect but I didn’t have the cashflow (first yr Banker) to put down a decent downpayment, so I had to take a mortgage. I was able to pay off my place in 2 years thanks to the bonuses, but I can tell you that it’s not so easy for many people who have families/significant others.

You are just starting out in your career, so it’s easy to throw out numbers and how much you will save, but when it comes to reality, that’s a different matter. After a few years, I was able to purchase few investment properties using straight cash, but I wouldn’t consider that to be a normal experience for most people. So I wouldn’t condemn those who are looking to buy a house to provide shelter for their loved ones.

:k: Exactly. And say that vascular surgeon or any type of doctor or professional for that matter makes money, they’re not going to get their entire year’s salary on the first day of their job. They still have to save up money, pay for a car, deal with student loans, food, clothing, take care of a spouse, children, parents, siblings, etc. Pay for say a child’s private school education (maybe an Islamic school). The point is, things add up and it is very difficult. While not taking out a mortgage or loan is ideal, it’s not always possible or realistic.