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House Rental With Upfront Deposit
ASAK
I am Mohamed Ayaz from Bangalore India working in Jeddah Saudi Arabia.
My question is regarding Mortgage
It’s trend in my place and around to let house under mortgage for period of two/three years on condition that the occupants has to pay certain mutual agreed amount ,(happens to be more than 11 months advance amount) and monthly rent amount would be very low comparing to actual rent amount. After completing the fixed tenure the owner return the amount he had received before from occupants. The owner gets only the rent amount in this period.
My question is, Is it permissible in Islam to deal in above condition or it comes under Ribah.
Thank you for your clarification.
Jazakallah
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1 Reply
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House Rental With Upfront Deposit
updated 8 months ago
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How is this considered a mortgage? From what I can gather from your question, the owner requires a large sum of deposit upfront as well as a monthly rent for a predetermined period of time. At the end of the time period, the deposit is returned to the renter and the renter vacates the property. If my understanding is correct then there is nothing impermissible in this setup.
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