Posted by: islamicfinancingnews | May 9, 2014

Here’s what you need to apply for islamic home loans

One of the first things you’ll notice when you’re applying for Islamic mortgage loans in 2014 is you’ll need a lot more documentation than you did in previous years. By all accounts, lenders will be more diligent than ever in collecting the necessary paperwork to prove you don’t present an unnecessary risk for repaying your loan.

First of all, it will be important for you to collect your tax returns for the last two years to show some kind of economic stability when you’re looking for Islamic home mar 24 4loans. Keep in mind, lenders get a little nervous when your total household income jumps up and down too much from year to year.

Getting current pay stubs from your employer is another prerequisite for getting a mortgage loan from a reputable lender. There are some other prerequisites you’ll need to tidy up including proof of home ownership insurance in some areas.

Applying for Islamic home loans is the same as a Western-style mortgage in some ways and at the foundation of each are the kinds of documentation you need to prove to lenders you don’t present an undue risk.

 


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