I was not aware of the prohibition of interest and gravity of its “hurmat”. I came to Mumbai from Lucknow and started working in a Call Centre, I did not have my own house so I bought one by taking loan from a Bank. Now I realise the ill effects and evil of interest, I want to sell off that house and get rid of interest. I paid approximately Rs.1,30,000 out of my own pocket and got a loan of Rs.6,80,000, the house cost in all approximately Rs.8,10,000. Now I want to sell off that house, it may fetch around Rs.13 lakhs today. I want to know how much can I keep and how much will be the interest which I should not use. Please let me know out of the sale price how much will be HALAL for me and what percentage will be HARAM for me? Also let me know what could be the possible ways of disposing the HARAM amount.
Answer
(Fatwa: 949/697/L=1431)
The total cost of this flat is halal for you. However, it is better if you give some amount in charity to the poor. Interest is the amount which you gave to the bank in addition. You should do tauba and istighfar for it.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband