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    hamna101's Avatar
    hamna101 Posts: 1, Reputation: 1
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    #1

    Dec 3, 2010, 10:36 PM
    Purchase Of Home!
    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's Avatar
    Alty Posts: 28,317, Reputation: 5972
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    #2

    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's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    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's Avatar
    Alty Posts: 28,317, Reputation: 5972
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    #4

    Dec 4, 2010, 12:15 PM
    Quote Originally Posted by ScottGem View Post
    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.
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