Posted by: islamicfinancingnews | April 13, 2012

Here’s a few good questions to ask about Islamic finance

Granted, finding the right Islamic finance products that suit your needs can be a problem if you’ve got questions about how the whole process works. Islamic mortgages need to be carefully looked over so that you can rest assured you’re getting the best product for your particular situation.

That said, there’s a few questions that you need to ask to make sure that you’re well informed.

  1. Find out how often the mortgage can be prepaid. Remember that the more times you can make one of these payments that count toward the principle, the better for you. Although you might not always have extra money to make these payments in the first five years of your mortgage when money is tight, having this option will pay off down the line.
  2. Find out if there is outstanding tax due on the property as well. Remember here that you don’t want to get stuck paying for someone else’s negligence. Have a lawyer look over any documents that need signing to make sure that is nothing that you’ll be held accountable for.

You need to be thorough when you’re looking at getting an Islamic finance product that will suit your needs. Take the time to research the property you’re interested in.

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