I have built a house which cost me around 46 lakhs with the land for building the house. And I built it for renting purpose and I am getting rent 19,000 rupees every month but I have loan from the bank around 12 lakhs and the interest I have to pay to bank is 10000 rupees every month. So, is there any zakah applicable for me in Shariah? Please advise me what to do?
Answer
(Fatwa: 1261/1261/M=1433)
As per the question, there is no zakah on the value of that house. However, zakah shall be wajib on the money which is earned through the house.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband