Ask Experts Questions for FREE Help !
Ask
    wmukaddam's Avatar
    wmukaddam Posts: 1, Reputation: 1
    New Member
    		  
    #1

    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: 12,131, Reputation: 1307
    Expert
    		  
    #2

    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: 25,492, Reputation: 2853
    Uber Member
    		  
    #3

    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: 81,301, Reputation: 7692
    Expert
    		  
    #4

    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: 81,301, Reputation: 7692
    Expert
    		  
    #5

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

No Interest Loan from family abroad to USA [ 7 Answers ]

I have seen some similar posts here, but not quite answering what I was looking for... So, thank you in advance. What documents must be filed with the US Government (IRS, customs, etc) in the following situation? Plus, is there any tax liability or additional fees (beyond the international funds...

Can I claim mortgage interest as a secondary loan holder? [ 1 Answers ]

I am a secondary loan holder a home purchased with a friend. We agreed that I would claim the interest on the loan this year, but the statement only has my friend's SSN on it. My name does appear below his. Can I claim the interest if he doesn't even though my SSN is not on the form?

Buying A House Without A Mortgage [ 1 Answers ]

One of my ex-landlords is having tough times paying his second house. The house had been paid up to date but he will not resist more. I can not get a mortgage right now due to tax debts but I have good income and he told me that If I can get an attorney I can get the property, pay directly to...

Interest in buying a house [ 3 Answers ]

I am interested in buying a house that was foreclosed on. I have searched real estates sites, foreclosed homes, etc. for the address and nothing comes up. I've searched to try to find out who owns the home-they are all fee based. How can I find out who to talk to, to find out about the house that I...

View more questions Search