More people will be able to become homeowners thanks to our Halal financing program.
Buying a home takes a different form in Islam. The Islamic faith takes a unique stance on financial problems, one that may be at odds with standard U.S. financing practices.
SteveKnowsLoan is committed to providing everyone, regardless of their origin, race, or religion, with an opportunity to become a homeowner. Because of this, our Halal Financing Program makes it possible for everyone to own a home.
A definition of Halal Financing.
Customers who practice Sharia law can take advantage of our Halal finance offering as an alternative to conventional mortgages. Although it is primarily marketed to Muslims, anyone who meets the requirements may purchase it.
A mortgage plan that is compliant with Sharia, or Islamic Law, will include these features:
- The loan program cannot impose interest since money cannot be created from nothing.
- Money borrowed from a bank cannot be used for anything that goes against Islam’s teachings, such as betting or drinking.
- A Sharia-compliant contract is used in the loan procedure.
- According to Islamic Law, the deal must be fair and open to all parties involved.
What is the process of Halal Financing?
The Islamic community now has access to mortgage finance through our Halal service. Here’s the lowdown on how to get started with this easily accessible program:
- The closing on your loan will involve establishing a revocable trust over your lifetime, with you serving as trustee.
- The Ijara Community Development Corporation will handle all the administrative details of your loan, including payment of interest, principal, mortgage insurance, and property taxes.
- The Ijara Community Development Corporation will receive your monthly loan payments, and as you make them, you’ll accrue equity in your house.
- Like a mortgage, payments will be due at predetermined intervals.
- Your housing expenses, such as rent, will be included in your regular monthly payments.
Reach Out to Us Today
Are you hesitant to pursue home ownership because you cannot find a loan package that satisfies your religious requirements? The advantages of house ownership don’t require you to abandon your morals, and at SteveKnowsLoan, we won’t ask you to. Get in touch with SteveKnowsLoan now to ask questions about our Halal mortgage options.
Get in touch with one of our loan advisors today! Contact us!
Call Steven Jackson at 813-616-9411 now!
