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Is Zakat Applicable On Offset Mortgage Accounts?
Is Zakaat applicable on money held in offset mortgage account? For example u got a home loan of 500 and u have extra money 100 against that loan in offset account.
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Is Zakat Applicable On Offset Mortgage Accounts?
updated 5 years ago
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Offset mortgage is not available in the U.S. so I’m not aware of the details. In my understanding an offset mortgage account is just a savings account linked to your mortgage. In principle, if something is considered “your asset” then you have to pay zakat on it. Your assets include cash, jewelry, or anything else of value excluding things of personal use.
Please enter appropriate numbers in our Zakat Calculator after reading description for each box. When you reach the end, it will generate a statement showing you exactly what you owe after any applicable deductions, and what percentage was applied to what. It’s also a great way to learn the sharia of zakat.
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