Posted by: islamicfinancingnews | June 4, 2012

Islamic mortgages have requirements too

With interest rates so low these days, there are many good reasons to apply for Islamic mortgages such as when you’re starting a new business or even to cover emergency financial situations. While the application process can be time consuming, banks are reputable institutions that follow the rules of commerce and allow you to make affordable monthly payments whereas other businesses that offer loans often charge high interest rates and other fees that soon add up.

 

Pre-determining how much money you require for your Islamic loans will help to decide which type of loan is best suited to your needs. Remember, each loan you receive and pay off in a timely fashion improves your credit score making it easier for you to qualify for another bank loan in the future.

 

Remember too that Islamic mortgages work differently in some areas than these more traditional loans and in the same manner in other areas. For example, Islamic loans are subject to the same requirements in the sense that you need to satisfy the lender that you’ve got a decent employment record. No matter what type of Islamic finance you’re looking at, you’ll need to show the lender that you’ve got a decent credit score as well.


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