View Full Version : Purchase Of Home!
hamna101
Dec 3, 2010, 10:36 PM
Assalam Alikum, my name is Salahuddin and we recently moved to Canada. My question is that can we buy a house here, as you know here we can not purchase home without interest/Markup.
Alty
Dec 4, 2010, 01:16 AM
If you're now a landed immigrant, or Canadian citizen, then yes, you can buy a home here. The question is, can you afford a home here?
If you recently moved to Canada it will be difficult to apply for a mortgage. Most banks want you to be employed with the same company for at least a year before they'll approve a mortgage. If you just moved to Canada you've obviously not been employed in Canada for a year.
The amount the bank approves will be based on your income.
You'll have to go through all the steps, applying for a mortgage, and then finding a home within that budget.
Is that what you want to know?
ScottGem
Dec 4, 2010, 06:29 AM
I think the issue may be religion as I believe there is a prohibition in Islam against borrowing money. The answer is to find a lender that follows Islamic law.
Alty
Dec 4, 2010, 12:15 PM
I think the issue may be religion as I beleive there is a prohibition in Islam against borrowing money. The answer is to find a lender that follows Islamic law.
Ah. Good catch. The question was a bit unclear.
I can't imagine getting a home without a mortgage, especially in Canada.