Q: I am planning on buying a new house that costs $250,000. However, I do not have enough money to pay the full amount up front and I do not want to pay interest on the house. The deal I have worked out with the company selling the house is that I will pay $300,000 for the house but I will not pay any interest. Meaning, I will pay $2,000 every month for 150 months for a total of $300,000. This way the company will make some money on the house and I will not pay any interest.
Is this a permissible deal for me to make?
A: If the company you are purchasing the house from is the owner of the house and they sell the house to you for a fixed price of $300,000 in instalments, it will be permissible.
And Allah Ta'ala (الله تعالى) knows best.
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