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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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1 Reply
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Is Personal Home Loan Permissible?
updated 4 years, 1 month ago
2 Members
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If someone lends you the money and asks for an additional amount on top then that would be considered riba. However, if someone buys you a house on a rent to own basis then there’s no riba involved in it.
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