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House on heavy deposit with the intention to save money to purchase home loan free house.

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
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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

(Fatwa: 365/378/B=5/1438)

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 .

كلقرضجرنفعافهوربوا.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

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

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