Posted by: islamicfinancingnews | September 7, 2013

Islamic loans and insurance are under the same umbrella

islam4 Islamic loans are one sure way to stay Sharia compliant and away from the pratfalls of riba, but there are other factors and expenses you’ll need to consider when you’re looking at the complete home ownership package.  While there are some closing costs you need to set some money aside for, it’s important you look at the different types of insurance you could be required to pay. These include:

  • property insurance. This often includes protection from natural occurrences like fire, but can also include coverage from theft and other damages. It’s best to get in touch with your provider to see which of these you are best suited for.
  • mortgage insurance. This covers the payment of the mortgage when there’s a death or disability. Again, there are differences here between geographic locations and lending institutions so you’ll need to check the requirements in your area.

While there are many different factors and costs involved, it’s important to keep in mind that making the decision to buy a home starts you on the path to having some equity. Beginning the process with Islamic loans is a responsible first step when you’re combining religious observance with a desire to get involved in the real estate market in either Canada or the United States.

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