Posted by: islamicfinancingnews | March 18, 2013

Islamic finance can help you afford the right family home

kita-disyorkan-memilih-islamic-loan2 Finding the right family home is an important consideration for a young couple starting out, or a more mature couple wanting to buy their next home and choosing the right Islamic finance product will help you to afford the home of your choice.

Royal LePage, a national real estate company, recently conducted an online survey of Canadian baby boomers born between the years 1947 and 1966 in which 78% of respondents report owning their own home. Widely regarded as a wealthy generation, many “boomers” currently live in big surburban homes with typically large garages and yards. According to the survey, almost half (43.5%) of baby boomer respondents plan on moving to another primary residence that is either the same size or larger than the one they currently live in.

One of the main reasons boomers cited for wanting to continue living large was having enough space to accommodate adult children living at home longer due to the lack of good jobs available or extended educational pursuits. As a result, the study’s findings contrast the idea that as more baby boomers age, they will downsize into smaller living spaces which cost less money to maintain, leaving an abundance of single family homes on the market in their wake.

Islamic mortgages free from Riba can help whether you want to buy your first home, or plan to upgrade or downsize to a different home.


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