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Zakat And Mortgage
Mr. XYZ has $100,000.00 in saving account. He pays $3,500.00 per month for mortgage loan of $300,000.00. He lives on this property. He has no other assets except a car for his use.
I humbly request your most respected office to let me know how much is Zakat due. Thank you.
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1 Reply
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Zakat And Mortgage
updated 4 years, 3 months ago
2 Members
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1
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If Mr. XYZ considers the $100,000 as his wealth then he should pay 2.5% of asset zakat once every year. On the other hand, if he considers it as his savings in order to pay off his house then there’s no zakat on it. The principle is that there’s no zakat on items of personal use. How one sincerely categorizes their assets is up to each individual, unless the state provides any guidance about it.
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