Can One Take an Interest-Based Loan to Purchase a House?
Financial Transactions,Interest,Can One Take an Interest-Based Loan to Purchase a House?
Fatwa No : 85275
Can One Take an Interest-Based Loan to Purchase a House?
معاملات / مالی معاوضات / سود
Can One Take an Interest-Based Loan to Purchase a House?
I live in Canada. Some Saudi scholars have issued a fatwa permitting borrowing money on interest in order to purchase a house. A scholar holding a degree from Jamia Binoria also agrees with this fatwa. What is the ruling on taking an interest-bearing loan in this case? If it is permissible, what are the conditions? Because I know that interest is forbidden.
الجوابُ حامِدا ًو مُصلیِّا ً
Engaging in interest-based transactions is undoubtedly impermissible and prohibited, whether it is for the purpose of building a house or for any other reason. Therefore, it is necessary and obligatory to avoid taking a loan on interest for the construction of a house.
However, if an individual or an institution provides an interest-free loan, then that is preferable. Otherwise, one may purchase the currency of another country from someone at a price higher than the current market value and repay it in installments, provided that no condition is set to charge or collect any additional amount in case any installment is delayed or postponed.
مأخَذُ الفَتوی
کما فی الدرالمختار: كل قرض جر نفعا حرام الخ (5/166)۔
Related Topics Relative Topics
-
93خرید و فروختBuying and Selling
-
52سودInterest
-
31قرضLoan
-
30کاروبارTrade and Business
-
26ملازمتEmployment and Job
-
25اجرت و کرایہ داریRent
-
21شرکت و مضاربتCompany and speculation
-
15ہدیہGift
-
5رشوتBribery
-
2رہن یا گرویMortgage