Posted by: islamicfinancingnews | March 7, 2012

What to do if You Get Behind in Your Islamic Loan

What to do if you get behind in your Islamic loan

 

Getting the right Islamic finance and signing on for the duration of a mortgage is a big step and one that requires a commitment that lasts for years. Of course there can be problems along the way and even the possibility of a missed payment through no fault of the new homeowner.

When that happens, there are alternatives that cover the missed payment so the problem doesn’t get out of hand. Here are a few of the things that you can do so your Islamic loan doesn’t get into any serious trouble.

Try looking into changing a variable rate mortgage to a fixed rate one so the payments are more constant. Often people try to get the benefit of lower rates by riding out the fluctuations in the market. This can mean unforeseen higher payments when the rates skyrocket.

Staying informed about your family’s financial position as well as the economy at large is a good idea. However, whenever you find yourself in trouble, it’s best to talk to the lender right away so that you can see what options are available. Remember that while Islamic finance does subscribe to Sharia law, there’s still a need to work within some of the confines of a more traditional North American lending institution.

 

 


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