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Islamic Finance
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adnankhan.m
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Quote adnankhan.m Replybullet Topic: Pay Intrest on House Loan is right?
    Posted: 02 December 2016 at 7:42am

Aslamoalikum,

This is Adnan. I belong to middle class family. We are 3 members (Me,Mother & Little Sister). I don't have Father & I am only a Source of Income of my family. We live in a rent house & we pay Rs.10,000 per/month. I am doing a Job as an Software Developer and currently in Saudi Arab.

I don't have any fixed assets only salary is the source of income for me. Paying rent  Rs 10,000 per/month is become very difficult as my salary is limited. Also I have to manage all the other Expenses, Personal Expenses etc with this amount.


I want to make my own HOME. For this I need atleast 15-16 lacs INR which is practically not possible to arrange in shorter time. It require many years to collect this amount on the basis of salary.

However I found a way that Bank is giving HOUSE LOAN in which they keep the Papers(Registry of the House in bank) and I have to pay Monthly Installments. When installments are completed they will return the House Papers. This procedure is convenient for me until & unless I came to know that they are charging INTEREST like (5% or 10% approx. on the principle amount)

 

According to Islam INTEREST is Haraam. I have read many articles; discussed with the Maulanaas both are giving different opinions.

Someone is saying “No, it is not Haram, you are not in the position to arrange such amount, so what you will do”…

Someone is saying “Yes, Obviously it is Haram! You are a muslim & at any cost you  don’t have to pay
INTEREST ”.

My Question is:

  • As my income is limited HOW CAN I ARRANGE AMOUNT FOR MY HOUSE?

  • It takes more than 8 years to save Rs.10 lakhs, & there is no gaurentee.

  • If someone doesn’t have any resource only job is main source HOW CAN THEY GET THEIR HOUSE?

  • If I didn’t arrange my house then whole life nothing earned????


But, But I have a fear of Allah no matter what! at any condition I cant do anything which ISLAM doesn’t allow.

So can you please clarify that as per my Financial Situation Can I take Home Loan from Bank??

I'll be very thankful to you.

 

Thanks  Regards
Mohd Adnan Khan
[email protected]



Edited by adnankhan.m - 02 December 2016 at 7:43am
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Quote Ceo3 Replybullet Posted: 06 December 2016 at 5:23am
Wa alaykum salaam brother,

Yes this is a dilemna for many muslims, the fact that you in muslim controlled country and they only offer interest based loans is ridiculous.

I too have found different opinions, and here is what i found.

Without a doubt the interest you speak of is haraam and riba as mentioned in Quran and Sunnah.

However neccesity takes precedence over Shariah ie: if there is no food and only swine you allowed to eat to live.

Also insurance is also classified as riba, however in same countries public health care is so bad you stand a chance of dying for simple basic healthcare, so is medical insurance acceptable?

Also remember Umar RA suspended the cutting of hands for stealing due to famine. If in a muslim country there was pure islamic banking with mudarabah housing then that better option, you sure there not in middle east for you?

Otherwise each person answer to Allah swt on his own, you have to take info and pray Allah swt guide you to the best.

There is also difference of opinion if current islamic banking is shariah compliant 100%. Its tough as we live in non islamic world but Insha Allah more people are looking for alternatives.

And Allah swt knows best.
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adnankhan.m
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Quote adnankhan.m Replybullet Posted: 24 December 2016 at 9:11am
Dear Brother,

Thanks for the reply.

My only concern is I am a Job Oriented Person & Job is only my source of income I Cannot save huge amount of Rs 10-20 Lacs?

According to your reply can please tell me Can I Take Home Loan from Bank??  because if you look from the different point of view  "If Someone is giving you their services,of course they charged something from you!"

But that not called as an Interest I think so....

Look forward to hear from you soon..

Thanks
Adnan
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Quote Ceo3 Replybullet Posted: 05 January 2017 at 2:37am
Originally posted by adnankhan.m

Dear Brother,Thanks for the reply.My only concern is I am a Job Oriented Person & Job is only my source of income I Cannot save huge amount of Rs 10-20 Lacs?According to your reply can please tell me Can I Take Home Loan from Bank??  because if you look from the different point of view  "If Someone is giving you their services,of course they charged something from you!"But that not called as an Interest I think so....Look forward to hear from you soon..ThanksAdnan



Asalaams brother,

Unfortunetly I and no other muslim can go against command of Allah SWT. I have researched and see you options as asking a Sheick close to you given your circumstances. As having a home is essential perhaps they can give you better advice. Alternatively you could explain your situation and ask here http://darulfiqh.com/ask-a-question/.

All the best,
Jazakallah khair,
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