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Today: 20.01.2018 - 15:13:17
   Canada Mortgage Hub Discussion Board -> Mortgage Toronto -> How can I buy a interest-free home in Canada, according to Islam?
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partwolf

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How can I buy a interest-free home in Canada, according to Islam?
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Post # 1.

ozark79

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You have to be in that religious group. They have an organization joint with financial groups to help their believers.
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oscarh_17

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I don't know how this works in Canada, but in the US you don't look for an interest-free home. You look for a Halal financing arrangement which is essentially a lease to own arrangement with a whole bunch of complexities to make it work according to Sharia law. I'm no expert on this, but there is a large Muslim population in Toronto. I suggest you call some realtors in Toronto and explain that you need to buy a house according to Sharia law and could they refer you to someone local who can help. Real estate agents are good at stuff like that.
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qqq3

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You have to buy it from a 3rd party. There are companies set up to do this specifically for people who's religious beliefs don't allow usury. How it works is they will buy the home of your choosing for you, and take on the mortgage themselves. Then they add in the cost of interest, which is the bank's profit, and include a carrying charge for their own services. That total amount is then divided between the number of months in your loan, and that number becomes your monthly payment. It's religiously compliant because you are not paying the interest yourself, the 3rd party company is. They hold the mortgage and you are buying it from them one month at a time, without interest.
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