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House Mortgage For A Specific Time Period
Here people mortgages there house for specific period of years to mortgagor for specific amount and after agreed period when the (mortgagor) returned the amount he takes back his home. is the mortgagor allowed to use the mortgaged house ? is it allowed in islam?
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6 Replies
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House Mortgage For A Specific Time Period
updated 3 years, 2 months ago
2 Members
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6
Replies
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From what I can gather from your question, it seems similar to a lease agreement where a specific amount is determined for a specific time period which is paid in monthly installments. At the end of the pre-determined time period, you return the property to the owner, or in certain cases you have the option to renew your lease. If my understanding is correct, then I don’t see anything impermissible in it.
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thanks you so much for clarification but, i will try to make the question clear with an example.
for instance if i have a house and you have money , can we exchange it for specific period of time? i mean during the period of exchange i will use your money and you will use my house, and at the end of the period you will have back all of your money and i will have my house as it was.
Regards,
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I don’t understand how at the end of the period all of the money will be returned if it’s already used up.
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yes here it is as i mentioned, client A uses the house and client B uses the money.
but once contract is finished A have to return the house and B has to return the money.
Here they call it mortgage “رهن”, because client B needs money and client A pays money but at condition he uses B’s his house.
problem is that i heard in contract of رهن we can’t use the house because house is امانه.
once again thanks for your prompt and very vivid answer…
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If it’s an agreement as you have explained above then there’s nothing wrong with it from the Islamic perspective.
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thanks you so much
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