Buying a house if the price is 160k Cash the owner gives you for 180k and divides the instalment over 1 yr is this ok .

.Is there any condition with which loan could be taken from bank .Could you give the details of mufti taque usmani fatwa in this regards.

If the final price of the house is specified, for example, 180K payable over one year, then the transaction is correct. It is not permissible to take a loan on interest from the bank.

and Allah Ta’ala Knows Best
Mufti Ebrahim Desai

Original Source Link