Posted by: islamicfinancingnews | January 16, 2013

Understanding the Islamic loans process

kita-disyorkan-memilih-islamic-loan2 Understanding the different aspects of Islamic finance is beneficial when you are applying for a mortgage loan to purchase a home. The same can be said for recognizing the many facets of the homebuying process such as whether major appliances are included in the new or resale home you intend to buy.

Builders often include standard model appliances (such as the range, range hood, built-in microwave and dishwasher) as a bonus feature in newly built homes, while it is generally in the discretion of the seller whether some or all of the appliances are conveyed in the sale of a resale home. Exclusions such as a newly purchased high-end fridge or an antique dining room chandelier should be specifically mentioned in the listing. However, there may be room for negotiation here since the buyer and realtor can set out specific items they would like included in the purchase price. While the cost of appliances vary, you should know what items you need to purchase well before the closing date in order to budget for this extra expense.

You don’t want any surprises when it comes to your financing. Your Islamic finance lender can provide all the information you need regarding interest free financing programs including Sharia compliant Islamic loans to purchase a home.


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