I am working in Multinational company. I am living in delhi and needs to relocate to Manesar, Gurgaon becuase my office is going there. Alhumdulillah earning good salary.. But I don’t have so much of Cash money to buy buy a home. I pay handsome tax per month approx 20,000 rupees.(As per our sharia we should not pay tax but since we are living in India so we pay it) I have two options to live there. 1. Live on Rent (I need to pay approximately 20,000 rupees per month) Still home will not be my own. 2. I take the Home Loan. I have done some calculation for home loan which is below. If i take home loan of 40 Lac rupees then i have to pay 18,000 rupees interest per month And taking home loan will save my per month tax of rupees 3,750 approx. So with Home loan option effectively i pay 18,000-3,750 = 14,250 rupees interest and after 15 years this home will be my own. Whereas if i don’t take home loan then i pay 20,000 rupees per month as rent and still this home will never be mine. Please consider this case alongwith Sharia and specially like we are livinig in India, paying tax.. In this case can we take home loan??? If not, please suggest what is the other option today’s muslim have because you know property rates have increased a lot, even i am earning 1 lac rupees i cannot buy a home. Jazaakumulllah…
Answer
(Fatwa: 910/720=L/1430)
You can purchase the house through bank in a way that the bank purchases the house and includes the additional amount of interest as price and sells the same to you on the total price which you will pay in instalments. Taking loan (with interest) for house when you earn handsome salary is not lawful. The Prophet (صلی اللہ علیہ وسلم) has cursed those who take interest, give it, write it and bear witness to it. (Mishkat 244) Therefore, taking interest based debt (loan) is haram without an exigent condition and dire need. If you manage your expenses, you may save a huge amount which may help you to purchase land and build house.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband