hey all,
just wanted to know if any of you (or someone you know) has had any experience with lariba or guidance financial for home financing.
thanks!
TUMS: I have experience with Lariba. Honestly, they are about same as any other financing bank (actually their profit is more than other banks). There is one difference though, when they talk they will tell you that they are Islamic finance house.... but in practice they use all the same government paperwork which is used by any other commercial bank, you get same "points" for tax-break (because you paid "interest"/"profit").
Let me know if you have any questions.
changez bhai,
so would you recommend this for a muslim to go through with? i mean, i spoke to guidance financial and the guy told me basically the same thing...that they use profit rate instead of interest rate. they are in the business to make money so i don't mind that but dont' want to be cheated...was your experience a good one?
thanks a lot bro.
If you are interested in "interest-free" then I wouldn't say that they are "interest-free". If they want to make profit, I am fine with that. Their "profit-rate" is usually higher than market interest rate, I would be okay with that too IF all paperwork showed that this is "Islamic Financing" way. As I said before, only the application form bears the name "American Finance House Lariba", otherwise all papers show "Profit Rate" as "Interest Rate" and the haven't worked their "homework" by having their "Profit Rate" recognised by government.
so have you heard anything different about guidance financial or is it more of the same? thanks...
Here in Australia muslim bank charges rent instead of interest, the rent is mortgages in a way..
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*Originally posted by TUMS: *
so have you heard anything different about guidance financial or is it more of the same? thanks...
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I haven't heard about it at all. Is there a website?
they seem pretty legit, work with Fannie Mae, here’s the link: