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Islamic Finance Briefing - Categorized | Financial Instruments (Credit Cards, Debts, Loans, Mort more

Islamic home loans are mortgage alternatives to consider

Posted on 17 January 2011

From Suite101.com: Islamic home loans have now joined the list of mortgage alternatives as a viable way to purchase a home. An Islamic loan is a zero interest loan plan. There are many types of plans that can be used to purchase a home and most banks offering Islamic loans will have their own version of this Sharia no interest loan.
Years ago the only types of mortgage alternatives was the “old fashion” land contract. The land contract was a simplified version of the now famous seller financing deal. The land contract went out of use when some sellers and buyers were sued by the banks for breach of contract. In other words the sellers were selling the homes without proper authorization……………………………………….Full Article: Source

 
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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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