Posted by: islamicfinancingnews | February 17, 2014

Ijara loans leave the door open for renting your home

While only about 5% of Americans fell behind in their mortgage payments in 2013, that number still represents millions of people who simply couldn’t afford to make payments on the home they lived in. Some of these people undoubtedly took out ijara loans and would have been looking for a way to keep title to their house. Although it’s not considered one of the easiest routes to take, you can rent your house to pay islamic home loans even when you’re not living there.

First off, it’s good to know there is a high demand for rentals in the American market. Sixty-one percent of those polled in a recent MacArthur Foundation checklist 2survey felt people in America could be just as happy renting a house as owning one. Another 54% of people from the same survey found renting more appealing than buying.

Finding the ideal tenant is the first step. You can ask friends and family if they have anyone in mind, but one of the more formalized ways to approach this is the rental application form. This application should include references as well as employer names so you can be sure the home you bought with your ijara loans won’t be abused in any way.

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