Posted by: islamicfinancingnews | August 2, 2013

A few good questions to ask before you get Islamic loans

islam-31 No one wants to make the wrong decisions in life and that includes any around Islamic loans. You need to be sure you’re making the right decision since getting any kind of mortgage is a big step that requires careful planning and good financial expertise.

So, before you sign on the dotted line, make sure you work through a few important questions.

  1. Are you good enough with finances to purchase an Islamic finance product? It’s important to look at the whole overall picture here. Remember, there are more bills to juggle if you’re coming from an apartment to a house. Utilities and property taxes are just a few of the new payments you need to make.
  2. Be honest about your financial stability. Having the same job for a number of years used to be good enough, but you need to ask yourself how stable that job really is in today’s volatile economy.
  3. Do you have the time to maintain a home? A home is a big investment and one you need to look after. Make sure you can set aside the time to do the required chores and upgrades needed to take care of your investment.

Getting Islamic loans helps you to steer clear from riba, but these products don’t excuse you from your other responsibilities as a homeowner.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s


%d bloggers like this: