Posted by: islamicfinancingnews | June 23, 2013

Here’s a few questions to ask with Islamic loans

islam-31 There’s no doubt about it. Deciding on getting one of the  Islamic mortgages that are available today is a big step. Not only will you want to be sure the Islamic loans you pick out are the ones that are right for your particular situation, you’ll need to be well versed in the right questions to ask. Here’s a few of the ones that can help you along.

  1. Are there any outstanding taxes due on the property? It’s important to understand the rights and obligations you’ll have when you decide on a particular property and knowing if there’s any monies outstanding is critical. This is especially true when it comes to taxes.
  2. How often can the mortgage be prepaid without penalty? Whether you’re dealing with riba or not, it’s important to pay that mortgage off as soon as possible and that means exploring all the options for early payments.
  3. Find out if you can skip a payment. Although it’s not advisable to miss any payments, you should find out what will happen if that situation does arise either voluntarily or because of some unforeseen event.

Islamic loans allow you to stay within the framework of Sharia compliance, but you’ll still need to understand how the other mechanics work to stay on top of your requirements.

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