Applying for an interest bearing home loan

19 Sep 2023 · 4 Rabiʻ I 1445 AH1 min readEnglish

Question

I want to buy a home at my native place but I haven't enough money to buy it, so can I apply for the home loan. I already tried to halal sources to raise funds for the same but I only collected 10 lakh, and the home price is 28.5 lakh.

I know interest is haram in Islam. Also suggest me the best way to achieve it.

Answer

Taking an interest bearing loan is Haraam and forbidden in Shariah. Severe warnings have been sounded in the mubaarak Ahaadith for those who get involved in the grave sin of interest.

Hazrat Jaabir (radhiyallahu ‘anhu) reports that Rasulullah (sallallahu ‘alaihi wasallam) cursed the one who consumes riba (interest), the one who feeds it to others, the one who records it (i.e. the transaction) and those who are witness to it (i.e. the transaction). Rasulullah (sallallahu ‘alaihi wasallam) also said, “All of them are equal (in the sin of interest).”

If someone from your family or friends is prepared to give you an interest free loan, then you may accept it.

And Allah Ta'ala (الله تعالى) knows best.

Answered by: Mufti Zakaria Makada
Checked & approved by: Mufti Ebrahim Salejee (Isipingo Beach)

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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/34114
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