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Post by thameema on Jun 27, 2006 9:21:01 GMT
Can you please tell me about getting a home loan from a bank? Is that prohibited in Islam? I am living in Chennai, India. It is very urgent. I have to take a decision based on this.
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Post by Imam on Jul 8, 2006 1:58:58 GMT
Bismillahir Rahmanir Raheem Wa'alaykum 'Assalam wa Rahmatullahi wa BarakatuhuPraise be to Allah who is the Lord of the Worlds, and may Endless Blessings be showered upon His Most Beloved, and Final Messenger of Islam, Hadrat Muhammad Mustafa Salla Allahu ta'ala 'alayhi wa SallamJazak'allah for your question. It seems that although India is not an Islamic state, there is however the permissibility of acquiring a home loan, which would then be based on 'interest'. (Please refer to the fiqh/madhhabs archive, under the heading interest). You will find that some of the Ahl al-Sunnah scholars have deemed it permissible, in acquiring a home loan based on interest, from a non-Islamic state. If however you do not wish to pay interest, then depending on the type of loan, you may acquire a non-interest loan, which is then payable according to it's terms and conditions. The bank will give you details of this. There are also those types of loans which are regarded as halal mortgages or loans which are similar to interest loans, as the house bought is only yours when you pay off the full amount. The amount is normally more which you pay back, than what was originally taken out, so this is also a form of interest. May Allah help us all to make the right decisions in life, none that will be a detriment to us in this world, and the next. (Amin)Wallahu A'lamu BiththawaabM. Waseem Ashrafi
Related question : Interest
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