I am working as assistant professor in one of the college, my age is 35 having 2 kids, leaving in Navi Mumbai, my earning is not enough to purchase a house with home loan, but I can take home on heavy deposit (up to 5 Lacs) with small amount of rent like 2000 etc. The current rent here is approximately 8000-9000. I want to purchase a home without home loan but for that I have to save money for at least 5 years by saving rent payment. Is it permissible for me to have home on heavy deposit as my intention is to save money to purchase a home loan free house. Please reply.
بسم الله الرحمن الرحيم
When the house rent in your area is normally between 8 to 9 thousand then it shall be unlawful to pay heavy deposit of 5 lacs and pay monthly rent of 2000. Under the pressure of this deposit it shall not be lawful to pay 6 or 7 thousand less rent .
Allah knows Best!
Darul Uloom Deoband
This answer was collected from the official ifta website of Darul Uloom Deoband in India.