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Is Personal Home Loan Permissible?
I have to build my house. Bank loan is too expensive. I have some relatives who can lend me money for this and I can offer them 1 percent per month like 15000 for 15 lac loan. I plan to return money in chunks like 5,6 lacs every year. Consequently the percentage i pay every month will also decrease with decrease in amount of loan. Is it allowed in Islam?
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