Posted by: islamicfinancingnews | February 16, 2014

Here’s some sure signs you’re ready for ijara loans

Getting a mortgage to buy that first home is one of the biggest financial steps you’ll ever take. Even though you are preparing yourself and staying Sharia compliant by looking into ijara loans, it’s important to make sure you are financially ready to take on the big responsibility of home ownership.

Taking on islamic mortgage loans is only the beginning of the money you’ll need to fork over when you buy a house. If you don’t have a household budget in place right now, that’s one of the first things you should consider so you can get used to juggling all those new expenses. When you’ve put mortgagetogether a current budget that handles all of the expenses you have presently, put together a trial household budget that adds the extra things you’ll need to pay for. If you can still afford to buy a home with all these added expenses factored in, you’re ready to start looking at ijara loans.

If you’re looking at the finances you have available and a big part of that has been allocated towards a down payment, it’s another good sign you have done your homework and are ready to buy a house. The standard down payment that works well with islamic mortgage loans is generally 20% of the listing price.

 

 


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