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 ?
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 ?
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?
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.
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.
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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