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Is it halal or haram to borrow money from the bank on interest in order to purchase a house or a property ?

Answered as per Hanafi Fiqh by Askimam.org
Answer

To take a loan on interest is strictly prohibited in Shari’ah.

The negative consequences of such a loan could be worse than the present grief and agony. As an alternative, we advise that instead of paying monthly instalments for the loan from the bank, you hire a house and pay a monthly rental.

and Allah Ta’ala Knows Best

Mufti Ebrahim Desai

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This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.

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