Posted by: islamicfinancingnews | February 10, 2014

Your islamic home financing needs to consider your credit score

When you start getting involved with islamic mortgage financing, you’ll soon see there’s more to it than meets the eye. One of the initial ideas that Muslims applying for these islamic home financing products notice is the requirements are quite often very similar between Islamic and more traditional western loans.

Having a good credit score is one of the prerequisites for both. Any credible financial lending institution will need to know that you’re not an undue home for salerisk where lending is concerned. There are a few things you can do to repair a credit score that’s been damaged and it’s best to look after this aspect before you go through the application process.

  • Don’t apply for too much credit. Although that piece of advice might sound confusing, lenders want to see that you know how to act responsibly with the credit you’ve been allocated. Checking your score too often raises a red flag with these regulatory bodies as well.
  • Pay on time. Often, the best fix here is the easiest. Paying your bills on time will look good to any prospective lenders.

Although islamic home financing is about staying Sharia compliant, you need to be aware of the other more traditional western prerequisites as well.

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