My question is am I allowed to buy a house by bank financing as I want to buy house for my personal resident? Been told by few people that just only one for your personal resident you are allowed to buy a house, but you cant buy it for investment purposes, is this is right, if not than what is the way to buy a house as far as I cant pay 100% cash to buy it, or if I am renting a house which is my need according to family size, I am paying rent around $1600 and if I buy a house I have to pay mortgage the same money what I am paying in rent, please guide me in this scenario.
It’s not permissible to purchase a house on interest. A person should rent a place instead. If a person lowers his status of living a bit than he doesn’t have to worry about shouldering so much burden. It’s when someone wants to increase the status of living without substance that one faces all these problems.
There is no logic that one can get a house with interest for commercial purposes but not for residential purposes. If you are allowed for one reason then you should be allowed for all reasons. These days there are banks that help you get a house with loans that are Shariah compliant.
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