Posted by: islamicfinancingnews | November 14, 2014

Ijara mortgage decisions that affect the size of your new home

You start on the path to a new home by looking at the financial end that incorporates  the ijara mortgage. Of course you’ll want to be careful about the ijara financing product you choose to stay clear from riba and Sharia compliant, but there are other decisions you need to make that are equally important.  These are the choices that you’ll arrive at that will help you to decide on the size of the house you pick.

Here’s a few considerations to work through.

  • What does the future look like? There might only be two of you now that you’ve just got married and are looking for a nest of you own, but you should consider the size of the family you want. Keeping in mind that moving before you’ve had enough time to build up some equity can put you behind financially, you might want to purchase  place with an extra room now for that new arrival that’s yet to be discussed.
  • How secure is your job? Although things are improving across the country, you need to be realistic about the security of your job before you spend on that dream home over the less complicated smaller abode.

Regardless of the size of the house you pick, you’ll be able to choose an ijara mortgage to help you along.

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