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I am currently in london. My family lives in Mumbai but on a RENTED accomodation. I do not have sufficient funds to purchase a house but if I take a small loan I will be able to purchase a house. I have 3/4 of the amount. Is it permissible to take a loan to buy a property. I have got some money but it is of no use because I cannot buy a flat with that money. If I take a small loan I will be able to buy a house and we will not have to pay rent. Please advice. JazakaALLAH

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
I am currently in london. My family lives in Mumbai but on a RENTED accomodation. I do not have sufficient funds to purchase a house but if I take a small loan I will be able to purchase a house. I have 3/4 of the amount. Is it permissible to take a loan to buy a property. I have got some money but it is of no use because I cannot buy a flat with that money. If I take a small loan I will be able to buy a house and we will not have to pay rent. Please advice. JazakaALLAH

Answer

(Fatwa: 966/L=378/TL=1432)

As per the holy Quran it is haram to take interest based loan, hence you may not be given permission according to Shariah. However, if you deal the bank in a way that first the bank buys the home and sells you after including as much interest it wants in the original price and fixes the total price and you pay it on instalments, then it is allowed.

Allah (Subhana Wa Ta’ala) 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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