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Can we take a house loan to build our own home and avail income tax benefits?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
Currently I am living in rented house and we have a land and planning to build the house for our use. Can we take the house loan for the same? There is income tax benefit for housing loan and can we avail this?

Answer

(Fatwa: 288/288/M=1433)

One has to pay interest in case of receiving home loan and hadith curses doing interest based dealing. Hence one should avoid taking interest based loan without exigent need.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

Original Source Link

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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