Posted by: islamicfinancingnews | January 16, 2015

Here’s how your ijara loans works with a new home warranty.

It doesn’t take that long to understand that ijara loans are really just the jumping off point when it comes to the full spectrum of islamic finance. Getting the keys to that new home or business only means there are other avenues you need to explore to get the most from the entire homeownership experience and that of course includes the new home warranty.  Here’s a few things that you’ll need to know about this important document.

  • Although these are generally more complicated than ijara loans, new home warranties tend to cover some of the issues that need to be fixed like settling cracks in drywall that are prevalent for the first few years. They also generally cover some of the other misfortunes that you don’t see in ijara loans like defects in workmanship and materials.
  • There are some other important areas like water penetration that a new home warranty looks after as well as down payment protection should something happen and violations of building and safety codes.

You need to keep the documentation for these new home warranties like you tucked the paperwork for ijara loans away in a safe place.

 

 

 

 

 

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