Did you buy a house the halal way?

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jimbo123

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I know there's a few halal options for those that wish to buy a house:

1. Buy a house outright.
2. Pool some money together from friends family.
3. Same as #2 but where there is a queue and everyone eventually gets a house in this group.
4. Housing co-op. To be honest I'm not too sure how this works or if it really is halal.

... and then there is the option of renting a property.

Everyone I know took out a mortage. There are some family that rent but this might just be because they couldn't afford a mortage.

I know that I need to avoid mortage. I need advice! It's really a depressing situation. What did you guys do?
 
yes I want to avoid halal mortages altogether because it doesn't seem like it is halal at all.
 
Dont be depressed by this inshAllah.. theres so many people that give in and take a mortgage because renting seems to be 'wasting' money that could go towards a mortgage and you could eventually own your own house. In reality, the interest involved in the mortgage is so detrimental to our deen, so much as declaring war against Allah swt, Himself.

You could invest your earnings in a business for a couple of years and maybe your returns would be enough to buy a property of your own. If you know others who are looking to invest, maybe you could buy a property with them, let it out and share the earnings between the owners. Think of other ideas you could invest your earnings. In the meantime, see if you can put off buying a house until you can fully fund it inshAllah.
 
ProfessorSunday said:
:sl:

I never bought a house. My parents took out a mortgage. I think the vast majority of the Muslim population take out a mortgage to buy a house in the UK. Banks all over the world including Saudi Arabia operate on interest. It is very difficult to overcome this.

http://www.islamonline.net/servlet/Satellite?pagename=IslamOnline-English-Ask_Scholar/FatwaE/FatwaE&cid=1119503543464

^ Read this, helpful.
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Yes I forgot to include that option - asking the buyer if I can pay directly in installments but at a higher price overall.
 
bro try adding a poll to this thread (anonymous), it'd be interesting to know how many people have mortgages
 
peãrl said:
Dont be depressed by this inshAllah.. theres so many people that give in and take a mortgage because renting seems to be 'wasting' money that could go towards a mortgage and you could eventually own your own house. In reality, the interest involved in the mortgage is so detrimental to our deen, so much as declaring war against Allah swt, Himself.
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I know! There's a voice in my head that just tells me I really shouldn't take out a mortage. I've never dealt with interest before.

The truly depressing thing is that I wish to have a place of my own for when I get married. Everyone suggests I should just live at home and save up but to be honest, it can take years to save up.
 
The amount of money people spend on Riba on a mortgage loan is insane. For a 300k property, they end up paying like 450k or more.

It's not even worth it to buy in some places really. Here in NY, when you own a house or co-op apartment, your maintance costs and other bills are almost as much as you would be paying to rent for a place.

Halaal mortgages are scams...instead of paying 300K, you'll pay 400k with extra amounts added in to cover their costs and give them a big profit.
 
jimbo123 said:
I know that I need to avoid mortage. I need advice! It's really a depressing situation. What did you guys do?
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:sl:
Ive looked into this..there is no way of avoiding one tbh. lets face a decent property in the uk, your looking at 100 k or thereabouts, what person is gona have that stashed in the bank.? I too wanted to avoid one, even if i club together my savings, and borrow, ive got no chance. Even though mortagages arent halal, how does a person get round it ?
 
I rent from the council. Alhamdulillah. I never intend on getting a mortgage inshaAllah.
 
:wa:

innocent said:
I rent from the council. Alhamdulillah. I never intend on getting a mortgage inshaAllah.
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I think under the new government, theres no option to rent from the council anymore, as there abolishing schemes like that. also if the council wanted to get their property back, then theres always the risk of them chucking you out, im sorry but if i had children, i would be really worried about that happening.


Ummu Sufyaan said:
if you can rent out, you should rent out. interest is a delusion of security.
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isnt renting a waste of money though ? no1 would ever have a chance of owning their own house then.

according to the link guestfellow has posted, its ok
 
but the interest is tax deductible so you get it back at the end of the year.

i have a mortgage on my home but 1 its tax deductible so i get all the interest back and 2 we dont make the minimum payments we pay as much as we can afford so we should have it paid off in no time.
 
Grofica said:
but the interest is tax deductible so you get it back at the end of the year.

i have a mortgage on my home but 1 its tax deductible so i get all the interest back and 2 we dont make the minimum payments we pay as much as we can afford so we should have it paid off in no time.
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so basically you dont pay anything extra ? defo no interest ? maybe it works differently where you are ?
 
well i am stateside (america). but in the states any interest (for home only) is tax deductible so you pay it monthly but at the end of the year you get a statement and you can claim it on your taxes so yeah basically you are paying nothing extra. plus the housing market is so low that my payments per month are way cheaper then rent. (by half) so its easy to make extra payments to get rid of the headache to file the deductions every year. :-)

on credit cards, cars etc it is NOT tax deductible so the car we bought outright and because you cant live without credit in the states it is important to pay the balance off each month to avoid interest and to NOT charge more then a person can afford.
 
:sl:
isnt renting a waste of money though ? no1 would ever have a chance of owning their own house then.
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i would assume it isnt a waste of money. how is it a waste when you're paying for a roof over your head?
 
Ummu Sufyaan said:
:sl:

i would assume it isnt a waste of money. how is it a waste when you're paying for a roof over your head?
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I don't think they ment it like that as a waist but renting you are giving someone else a lot of money for some thing that will never be owned. If you own it then its like a savings you can sell if you need too you can paint or decorate how you want you don't have to worry about the rate going up etc etc
 

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