Posted by: islamicfinancingnews | December 25, 2013

Buying a condominium with those Islamic loans? Here’s what you need to know

Once you’ve decided on getting Islamic finance, it’s important to know as much as possible about the kind of dwelling you want to buy. For some people, a condominium looks like an attractive feature since these often offer great amenities and none of the maintenance requirements, making them a perfect choice for older people and professionals.

One of the first things you’ll notice here is what you own is different from a house. The private dwelling called a unit is yours as well as some of the common areas and assets of the community or building where you’ve purchased. It’s critical to understand where the boundaries of your unit are so conture_condosyou can understand whether you can change things like windows out or if the corporation looks after those duties when they see fit.

Of course there are other types of condominiums like the freehold unit where you own the land the townhouse sits on. With this type of unit, you’ll generally have more of the same responsibilities a home owner does for maintenance, repair and upgrades, but you need to look at the documentation carefully to see exactly what the boundaries are.

Regardless of the kind of condominium you decide on, Islamic mortgages are a great way to finance the purchase.

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