Posted by: islamicfinancingnews | August 10, 2012

Start off homeownership with the right Islamic loans free of Riba

Even with the current market rates at historically low levels, choosing to buy a home is one of the biggest financial decisions you’ll ever make and that’s when learning about Islamic loans that avoid Riba will help to encourage confidence in your decision to make the transition from renter to homeowner.

Building equity and investing in your financial future are obvious factors in favour of home ownership. Buying a home also means you are passing along an inheritance of property and financial security to your family. In addition, home maintenance and utility payments are the main economic responsibilities you’ll have to deal with after paying off your home, whereas rental increases are an anticipated reality for every renter.

Once you’ve calculated your monthly income and expenses to determine the debt-to-income ratio which will allow you to responsibly live within your means, you should consult with an Islamic finance lender who is qualified to assess your readiness to buy a home and answer any questions you have about financing the home ownership process.

There are lots of positive reasons to get involved in the real estate market and learning all you can about Sharia compliant Islamic mortgages can help get you started.

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