AskImamDarul Iftaa Mahmudiyyah (AskImam)

Is it halal or haram to borrow money from the bank on interest in order to purchase a house or a property ?

Fatwa 685English
Finance and Commerce

Question

The question text was not published separately; the title stands in for it.

Is it halal or haram to borrow money from the bank on interest in order to purchase a house or a property ?

Answer

To take a loan on interest is strictly prohibited in Shari'ah.

The negative consequences of such a loan could be worse than the present grief and agony. As an alternative, we advise that instead of paying monthly instalments for the loan from the bank, you hire a house and pay a monthly rental.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

Answered by
Mufti Ebrahim Desai
View original Ask AskImam directly

Fatawa SA is an independent, read-only index of fatawa already published by Darul Iftaa Mahmudiyyah (AskImam). It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.