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Buying home with loan for residential use

Answered according to Hanafi Fiqh by ShariahBoard.org

Assalamualaikum,

I am presently living with my daughter & son-in-law in a 1 bedroom rental house very conjustedly. It is very conjugated how we live. It is difficult to get and rent a big house with the present income.In these circumstances we wanted to buy a home taking loan. Please give us advice.

Jazakallah

 

Buying home with loan for residential use

 

الجواب وباللہ التوفیق

It is not permissible to take an interest-based loan to buy a house. However, Devon Bank is certified by the Shariah Board and serves the loans in the light of the Sharia’t, hence, this bank may be contacted in this regard.

 والسلام

This answer was collected from Shariahboard.org. It was established under the supervision of the eminent faqih of our era, Hazrat Shah Mufti Mohammed Navalur Rahman damat barakatuhum.

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