Posted by: islamicfinancingnews | June 8, 2013

Islamic finance is only one of the money tools you’ll need

islam4 Getting good Islamic finance products is only the first step on the path to having a full and rich home ownership experience. You need to understand that a house is an investment and while Islamic mortgages get you in the door, there are other things you need to know about like what to do with other forms of financing.

Here’s a quick rundown of some of the more common ways to get some money to do renovations and such.

  1. Personal lines of credit. These are a great tool to get the money to do bigger renovations. Remember, although the same lending institution that gave you your Islamic loans can supply a line of credit, you’ll still need to pay interest on any money you use. That’s why these are great for the bigger jobs like changing out a bathroom or redoing a roof.
  2. Credit cards. With a home and a mortgage there’s no reason why you can’t use a credit card for smaller projects provided you’re careful. These cards generally have high interest rates.

Islamic mortgages are the right choice when you’re looking to stay Sharia compliant, but there are other choices when you need a little extra cash to carry on with projects around the house.

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