Is Islam Allows Buying House On Bank Loan or Not ?

Islam Allows Buying House On Bank Loan or Not
Photo: PEXELS

Buying a house is a dream of every individual, but achieving this dream is not that easy as it seems. Some people take bank loans when purchasing a house for themselves. But what Islam says about this? Does it permit it or not? This article will answer this question of yours.

House is the basic necessity of a person. You are blessed if you have your own home. So, every person tries to buy their own house at any cost. Someone tries to save money by buying a house, and someone borrows money from relatives.

There is nothing wrong with these options. These are halal. But then someone who is not able to save money and borrow from relatives decides to take a loan from the bank to buy his own house.

But many of them remain confused about either it is halal to take a loan from a bank or not? So, no problem, we are here to discuss it. And try to figure out the most authentic answer. 

When you take a loan from a conventional bank, they give you the loan on an interest basis, or you can say they give you the loan on the Riba system. You have to provide them with the fixed rate of interest for the whole period of the loan or the entire age of the loan.

And when we hear the word of interest, we should understand that this is not our type of interest.

This is haram and prohibited by Islamic rules. Living in a rental house is more suitable than living in an own interest base loan house.  

But everything has an alternative. So now we talk about another type of loan from the bank you can use while buying the house. Non-conventional or Islamic banks grant interest-free loans called goodly loans, or in simple language, it is called qard-e-hasna. They give you an interest-free loan. You have to return the actual amount of the loan, neither less nor more.

They aim to follow the Islamic rules. So if we take a goodly loan from a bank to buy the house, then there is nothing wrong with it. Always keep your journey towards halal. ALLAH will show His mercy in your favor. 

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