Q: A buyer agrees with a property development company that they will pay the full price now for a house/flat now even though the property is still under construction. Once the house is complete, the buyer will then move into the property. During the period of construction, the property development company will pay rent for […]
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Income made from a property bought through a haram mortgage
Q: I am renting out a property which is currently on an unlawful mortgage. Is the income/profit made from this property therefore unlawful too? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: Whilst it is unlawful to take out an interest-based mortgage the mortgage funds themselves are not unlawful. It is the interest one pays […]
Read more...Profit made out of renting a property bought through unlawful mortgage
Q: A landlord, are currently renting out a property which is currently on an unlawful mortgage – is the income/profit made from this property therefore unlawful too? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: Whilst it is unlawful to take out an interest-based mortgage the mortgage funds themselves are not unlawful. It is the […]
Read more...Distribution of rental income in a joint ownership
Q: The husband and wife both bought the house together. On average they receive £630 in rent every month. The wife paid a contribution towards the deposit and in total has paid about £30k and the husband has paid off the remaining amount of about £120k. In the recent years the monthly mortgage payment has […]
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