Posted on: 03rd Jun, 2004 12:43 am
Islamic Mortgage is an innovative financial product. It is against the Islamic law to pay or receive interest, so this type of mortgage allows the Muslims to take out a mortgage, which is compatible with their faith.
Benefits of Islamic Mortgage are as following:
Benefits of Islamic Mortgage are as following:
- Here the financial institution buys the property, and then allow the borrower to repay the capital over a fixed term, while charging only the rent from the borrower.
- Islamic Mortgage follows the simple principle of interest removal from mortgage payments.
- Here the monthly repayments thus revolve around paying capital and rent, rather than capital and interest.
For Islamic morgages espcially on refinancing can we do away with the lock in period ( Loan amount $mil)
Hi Victor.
Welcome to the forum.
Have consulted with your lender? You may avoid the lengthy lock-in period when applying for Islamic mortgages. Contact with your lender regarding this.
Best of luck,
Larry
Welcome to the forum.
Have consulted with your lender? You may avoid the lengthy lock-in period when applying for Islamic mortgages. Contact with your lender regarding this.
Best of luck,
Larry
Who does these?
You'll have to check out with the local lenders in order to find out if they can offer an Islamic loan.
It is commonly seen that Islamic banks are over charging than normal conventional banks.
Both categories are charging interest,then what is difference in both kinds of banks.
Both categories are charging interest,then what is difference in both kinds of banks.
It is commonly seen that Islamic banks are over charging than normal conventional banks.
Both categories are charging interest,then what is difference in both kinds of banks.
Both categories are charging interest,then what is difference in both kinds of banks.
I have never encountered such banks but I have heard of it a lot of times. I haven't really paid such attention to this since my knowledge about Islam is quite vague.
