Islamic Mortgage

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Icon Mini Profile Sam
Sam
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Joined: 21 May 2005

Posts: 286
Location: CALIFORNIA
120.29 Dollars($)
PostPosted: Thu Jun 03, 2004 12:43 am    Post subject: Islamic Mortgage

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:
  • 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.
victor richard

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PostPosted: Wed May 28, 2008 8:37 pm    Post subject: islamic housing loan

For Islamic morgages espcially on refinancing can we do away with the lock in period ( Loan amount $mil)
Icon Mini Profile larry




Joined: 27 Jun 2007

Posts: 3328

474.61 Dollars($)
PostPosted: Thu May 29, 2008 12:20 am    Post subject:

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
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