Answered by Shaykh Ilyas Patel
On the matter of zakat she has a mortgage which she is currently paying off, but is confused about how to deduct the amount she owes.
She follows the Hanafi madhab and as far as we understand from previous questions on Sunnipath it is preferable for her to take only into consideration the debt which is immediately owed rather than the total mortgage.
However she is confused as to what this immediate debt is and she does not know if she needs to deduct what she owes over the year or for a lesser period. As we have never had a mortgage or loan we do not know how repayments work so would be grateful if you could help us with this insha’Allah. Would it make a difference if she had an interest only mortgage or a repayment mortgage?
We have another question related to zakat which we would be grateful to receive an answer to. If one delays their zakat and a few months have passed beyond the zakat date, when one resolves to pay zakat, should one evaluate their financial circumstances at the present time, or at the time of the zakat date, months earlier?
In the Name of Allah, Most Compassionate, Most Merciful
1. On the day you are going to discharge your Zakat, deduct the amount which is immediately owed which is the monthly instalment.
It would not make a difference if she had a interest-only mortgage or repayment mortgage.
2. One will evaluate their financial circumstances at the time of the Zakat designated date months earlier.
Ilyas.
And Allah knows best