Posted by: islamicfinancingnews | June 13, 2012

Be responsible with your Islamic mortgages

Of course you want to get the home that you’ve always dreamed of  and you need Islamic mortgages so you  can rest assured you’ll stay away from Riba, but there are some other things you’ll need to take into account when you’re putting together a loan package.

And that’s the size of the loan itself.

Today’s economic trials should be forcing people to take a serious look at the amount of credit they take on. Remember that you need to be responsible today and not take on loan that will tax you to the point that paying it back will force you to compromise in other areas of your life. You need to calculate the debt to income ratio that you can work with and stay within the allotted numbers. Generally you should try to stay within  the prescribed amount of 36% of your total income going to debt payments.

Remember too there are other payments that you’ll need to make to get your Islamic finance transaction started and these include administrative fees for the whole process and land transfer taxes where applicable. You should be responsible with your Islamic mortgages and consider all the different angles that you need to.

 

 


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