Home Equity Loans
Asalam u alaikum!
I want to understand the ruling on additional borrowing loan taken on a mortgage for home improvements.
Bank provide cash in the account to use it for home improvements against the house. My question is is this allowed as we have been provided cash? Will this situation fall under the same criteria that if the cash is used on the house to add value, then bank can ask for an increased rent in the form of interest on the additional loan?
I hope my question is clear?
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