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noorseeker
12-23-2007, 11:20 PM
Assalamalikum dear brothers and sisters, I have an issue which is always bothering me. I bought a house three years ago, i rent the property out but do have to contribute towards the mortgage payments.

I know interest is haram in islam. Who wouldnt want their own house and at 22 even better. Its really bugging me now , but when i mention it to my family , i get a lecture and a half, are you gone mad, house prices are rising, no chance to get on the property ladder, I am not married , and not in a financial position to, so its not like i have a wife to move in with,.
When i mention the interest , everyone goes silent or they say everyones doing it, but i cant bury my head in the sand any more , please i need some advice.:playing:
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noorseeker
12-24-2007, 12:44 PM
Anyone with any advice:-\
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Trumble
12-24-2007, 01:02 PM
Can't you just swap your mortgage to an 'Islamic' house purchase scheme? I don't know where you are but in the UK all the main banks have 'Islamic' alternatives to standard mortages. Same end result but no interest as such is involved.
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Muezzin
12-24-2007, 02:52 PM
Islamic Bank of Britain offers this sort of thing, I think. Might want to talk to them.

You might also want to talk to either an estate agent, or that balding chap and his (festively) plump ladyfriend off Location, Location, Location.
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NoName55
12-24-2007, 03:18 PM
home mortgage > renting out = fraud which is haraam

business loan > renting out = lawful transaction in Britain but due to usury involved, it is haram.

business partnership with bank > renting out = halal but very difficult to obtain/manage
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noorseeker
12-24-2007, 03:27 PM
I did think of that, i dont trust an islamic mortgage, someone one has to pay for it someway, and because there is no competiton , their prices are way way higher to a conventional mortgage, and if i did take one out there would still be something in the back of my head bugging me. I know they need to make their money from somewhere, example the islamicbankof britain ,if you want to deposit money over the counter , no matter how many times a month they are going to charge you £10 ,

What i hear you say , charge me a tenner for depositing my own money , you have to do a telephone transfer instead, im thinking its to safe costs.

And if you for example lose your job , you are not allowed to take out payment protection, i think it nulifies it, or claim housing benefit, i hope i have not confused anyone
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al_islam
12-24-2007, 03:30 PM
Brother Im in a similar position.

But Islamic mortgages are not any better.

Islamic banks tdo charge, but you can always stop interest on savings accounts. Just request it from ur loacl branch.
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