I want to ask about PM youth loan that this is legal for me or not? Let me describe this loan, in this loan Govt of Pakistan giving a up to Rs. 20 lacs for 8 years for youngsters for business on behalf of 6% fixed interest and also they will keep any property which would be equal to the amount , so I want to avail this loan but not for business for my house construction. My father has retired and we do not have any good source of income so in this case construct a house is too difficult if I can avail this loan so it can be very helpful for us and me can generate some revenue in sense of rent. So I want to know that this is legal for me or not?
بسم الله الرحمن الرحيم
(Fatwa: 1013/993/SD=10/1438)
It is not lawful to take loan in the above mentioned case. The Hadith sternly warns against doing interest based dealing.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband