Posted by: islamicfinancingnews | October 31, 2013

Islamic loans will help you get a condominium too

Islamic loans are both versatile and Sharia compliant. These Islamic finance products will help you to stay away from riba while at the same time allowing for a flexibility in what you buy including a condominium. However, there are a few differences from a home here that you need to be aware of before you start the process to buy.

First off, there is a difference in what you own. When you use Islamic mortgages to buy a home, you own the dwelling and the property around it. A condominium is different in that you buy the unit. You also own common assets and you share ownership of some common elements, but you need to be very clear about what you own when you purchase one of these so you don’t run aground of any restrictions.

You need to know if repairs to  the windows and other such features are your responsibility or if they fall under the umbrella of the common elements paid for by your maintenance fees. Remember the monthly fees can also cover the repairs and maintenance of the common elements whether you use them or not. Your Islamic loans offer you a wide variety of real estate to choose from.

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