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From what I understood from them, the down payment you make is your share in the home so when you sell, the portion should be yours technically. I have been talking to guidance, but from what they have been telling me, I feel like I am talking to a mortgage agent from Chase or any other bank. ๐๐๐
Itโs exactly the same. Imam Suhaib Webb actually said on one of his stories that he doesnโt see a difference and doesnโt recommend paying a higher rate for the โhalalโ one
I was considering an Islamic loan and spent over a month researching. Ultimately had to go with a traditional one because didnโt see any difference. And completely agree with A1 here that it felt like I am talking to a mortgage agent. The rates were crazy and I even read somewhere that they ultimately sell your mortgage to a bank.
All the best OP on your home purchase!
Not quite- when you buy with Islamic loan say with 5% down, you are using 100% of the home but the bank owns 95% and they charge you for their share of the home that you are using. thatโs where the profit comes from for them. This is vs a traditional loan where you own the home but pay interest on the borrowed money along with paying it back.
When you sell the home they recoup their investment, so they donโt get any part of the gain.
In no case is it halal to use riba and is a MAJOR sin. May Allah make it clear and give us ease