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Zakat And Mortgage
If I have mortgage loan on my house where I am living with my family and I have savings/cash more than the remaining loan balance, can I deduct my savings from remaining loan and then pay zakat on remaining balance or pay zakat on everything? I have plans to either pay off remaining loan with my savings or I might buy another property to rent out but I am not sure when I am going to do either of them. My Loan was 30 year fixed but I have paid a big portion of it and now it’s left for only 4-5 years. My intentions are to pay it off soon inshaallah.
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Zakat And Mortgage
updated 8 months ago
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In principle, loans have no bearing on one’s zakat obligations. If someone has just enough money to only pay off a loan or to pay zakat, an ijtihad can be made in their favor to pay off the loan first. Even in that case, it is better that they defer their zakat to a later time than not paying it at all.
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