Posted by: islamicfinancingnews | March 29, 2013

Islamic finance needs to encompass all the costs

 islam41 When you’ve made the decision to go with Islamic finance to purchase a home, you can rest assured you’ll be free from Riba and able to stay Sharia compliant, but there are more financial costs to running a home than just the mortgage payment. Especially when you’re buying your first home, these costs can  be surprising unless you’re aware they are part of the overall financial responsibilities that come with home ownership. Here’s a partial list of the ones you might need to get familiar with.

  • Repairs. Just because you’ve bought the place doesn’t mean that everything inside is in the best shape. Often appliances may need replacing almost immediately and other parts of your new home could fall under the “buyer beware” category. Long story short, you’ll need to have some money in reserve for financial emergencies.
  • Utilities. Many people move into their first home from an apartment and that means they are not accustomed to having to pay for heat, electricity and water at first.

Your Islamic finance loan will help you to get started in the right direction with home ownership, but don’t forget to keep some money in reserve for other expenses too.

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