Posted by: islamicfinancingnews | August 11, 2012

Look for the right Islamic mortgages when you are buying an older home

There are practical matters you need to concern yourself with when you plan on buying an older home and relying on Sharia compliant Islamic mortgages to secure the finance you need is one less thing to worry about.

Character and charm are phrases used to describe older homes and the large, mature lots surrounding many of these properties are one of their most attractive features. Of course, the foundation, roof and plumbing systems need to be in good working order for any home you select and it’s also important to check to see if a house built before l974 contains aluminum branch circuit wiring. If so, you’ll need an electrical inspection to determine whether the system needs to be repaired with properly installed copper wire pigtails, or completely rewired with copper wiring to avoid aluminum wiring hazards. While the latter choice is more costly, it is the safest remedy and will ensure your house meets electrical code requirements. Electrical inspections should always be conducted by an experienced electrician familiar with aluminum wire issues and repair methods.

Finding proper Islamic loans free of Riba will help to meet your spiritual needs while allowing you to focus your efforts on finding the right home to suit the needs of your family and your budget.

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