Mortgage plans

Q: I am planning to buy a properly in UK. I have saving but it is far away from the amount the property cost. So I have to take a loan from the bank. I also tried with Islamic bank but their requirements are too high for me I do not match their requirements. So all is left is to get a mortgage from a non Muslim bank.

My question is: Is it still ok if I take loan from the bank if I have a property in India? It is actually a shop,and my father also left me a part of his property share that is £15000,- worth both are rented and my dependant are is getting the rent. So is it wise to sell the property (shop worth £25000,-)India and get less loan here? It would be £ 20000-30000 less RIBA base loan. Is it haram to keep the property in India and not sell it and on top get loan here? Or sell all in India, invest in UK property and get rid of more loan here because it is based on RIBA. Should I sell the property in India and send my family on a monthly Basis money? Because I am capable to send them money even if I had to sell everything there. What is wise or what is the right way to do in Islam. Or shall I just sell the shop and keep one property for them to get the rent from? Please guide I am really confused!

A: We are not at all in agreement with mortgage plans because of the interest factor. You rather lease or take the property on rental.

And Allah Ta'ala (الله تعالى) knows best.


Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)