Message No : 30Sr.No : 408/724
Question By : AHRAR AHMAD

What muftiya_ne_kram say regarding home loan, if ZAID is working in some organisation and is not able to purchase home.

wassalam

AHRAR AHMAD

 

Reply By : Md. Asad
Designation : Mufti, ODI, MMERC, Mumbai 

In the name of Allah the most gracious the most merciful

The answer to your question is as follows:

It is forbidden to take interest-based loan for building house. The Prophet (saws) has cursed those who take interest, who give interest, who write the account of interest and who bear witness to it. Well, in case of exigent need of home one can have a deal with the bank in a way that the bank will purchase the house then will sell it to you with profit, and you will pay the amount in installments.

And Allah (swt) knows the best

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