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    wmukaddam's Avatar
    wmukaddam Posts: 1, Reputation: 1
    New Member

    Aug 12, 2015, 08:24 AM
    In USA taking loan with interest( Mortgage system) for buying house is permissible ?
    In USA or in foreign country, where rents are so high to pay every month, Can we take loan from bank for buying house, that is called Mortgage system, is permissible ?
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307

    Aug 12, 2015, 09:07 AM
    Mortgages are a very common way of financing a home purchase. But you seem to know that already, so why are you asking if mortgages are "permissible?" Are you asking whether a mortgage is halal for Muslims?
    smoothy's Avatar
    smoothy Posts: 25,495, Reputation: 2853
    Uber Member

    Aug 12, 2015, 11:20 AM
    If you can't pay cash... you HAVE to take a loan with interest if you want to buy. Nobody will effectively loan you that money for 30 years without getting something in return for it because they will no longer have it to use for their own needs.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,278, Reputation: 7690

    Aug 12, 2015, 11:19 PM
    And the ability to take a loan will depend on your credit. Not everyone can "take a loan". Also the rules of loans are different in different places.

    I bought a house in China, the problems of a mortgage here is unbelievable.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,278, Reputation: 7690

    Oct 14, 2015, 02:09 AM
    I have to assume there is more to this. Would you be Muslim perhaps, where paying or receiving interest is not allow by your religion?

    Getting a loan, (from banks, loan companies and others is the common way in the US to buy a house. But buying is not always the best option depending on your circumstances.

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